net                          26,568       25,964     3,700 
   Long-term 
    investments               1,029,632      964,363   137,421 
   Deferred tax assets           11,312            -         - 
   Rental deposit                17,742       43,751     6,234 
   Other non-current 
    assets                       18,155       17,920     2,553 
                        ---------------  -----------  -------- 
TOTAL ASSETS                  5,413,309    5,208,360   742,186 
                        ===============  ===========  ======== 
 
LIABILITIES 
 
Current liabilities 
   Accrued expenses 
    and other current 
    liabilities 
         (including 
    accrued expenses 
    and other current 
         liabilities 
    of the 
    consolidated VIE 
    without 
         recourse to 
    the Group of 
    RMB484,222 
         and 
    RMB667,944 as of 
    December 31, 2023 
         and September 
    30, 2024, 
    respectively)               805,032    1,070,433   152,536 
   Deferred revenue, 
    current portion of 
    the 
         consolidated 
    VIE without 
    recourse to the 
    Group                     1,113,480    1,223,614   174,364 
  Operating lease 
   liabilities, 
   current portion 
        (including 
   current portion of 
   operating lease 
        liabilities of 
   the consolidated 
   VIE without 
        recourse to 
   the Group of 
   RMB34,401 and 
        RMB123,783 as 
   of December 31, 
   2023 and 
        September 30, 
   2024, 
   respectively)                 50,494      164,178    23,395 
 Income tax payable 
  (including income 
  tax   payable of the 
  consolidated VIE 
  without   recourse 
  to the Group of 
  RMB4,210 and 
    RMB102 as of 
  December 31, 2023 
  and   September 30, 
  2024, respectively)             4,278          133        19 
                        ---------------  -----------  -------- 
Total current 
 liabilities                  1,973,284    2,458,358   350,314 
                        ---------------  -----------  -------- 
 
 
  Gaotu Techedu Inc. Unaudited condensed consolidated balance 
sheets (In thousands of RMB and USD, except for share, per share 
                       and per ADS data) 
 
                               As of 
                              December 
                                31,        As of September 30, 
                            ------------  ---------------------- 
                                2023         2024        2024 
                            ------------  -----------  --------- 
                                RMB           RMB         USD 
Non-current liabilities 
   Deferred revenue, 
    non-current portion of 
         the consolidated 
    VIE without recourse 
         to the Group            124,141      215,603     30,723 
   Operating lease 
    liabilities, 
    non-current 
         portion (including 
    non-current portion 
         of operating lease 
    liabilities of the 
         consolidated VIE 
    without recourse 
         to the Group of 
    RMB121,277 and 
         RMB382,747 as of 
    December 31, 2023 
         and September 30, 
    2024, respectively)          137,652      397,466     56,638 
  Deferred tax liabilities 
   (including deferred 
       tax liabilities of 
   the consolidated VIE 
       without recourse to 
   the Group of 
       RMB71,850 and 
   RMB70,524 as of 
       December 31, 2023 
   and September 30, 
       2024, respectively)        71,967       70,664     10,070 
                             -----------  -----------  --------- 
TOTAL LIABILITIES              2,307,044    3,142,091    447,745 
                             ===========  ===========  ========= 
 
SHAREHOLDERS' EQUITY 
   Ordinary shares                   116          116         17 
   Treasury stock, at cost      (85,178)    (216,494)   (30,850) 
   Additional paid-in 
    capital                    7,987,957    7,994,101  1,139,150 
   Accumulated other 
    comprehensive loss          (33,209)     (34,913)    (4,975) 
   Statutory reserve              50,225       50,225      7,157 
   Accumulated deficit       (4,813,646)  (5,726,766)  (816,058) 
                             -----------  -----------  --------- 
TOTAL SHAREHOLDERS' EQUITY     3,106,265    2,066,269    294,441 
                             -----------  -----------  --------- 
 
TOTAL LIABILITIES AND TOTAL 
  SHAREHOLDERS' EQUITY         5,413,309    5,208,360    742,186 
                             ===========  ===========  ========= 
 
 
                                          Gaotu Techedu Inc. 
                       Unaudited condensed consolidated statements of operations 
              (In thousands of RMB and USD, except for share, per share and per ADS data) 
 
                      For the three months ended September 30,  For the nine months ended September 30, 
                      ----------------------------------------  --------------------------------------- 
                          2023         2024          2024          2023         2024          2024 
                      ------------  -----------  -------------  -----------  -----------  ------------- 
                          RMB           RMB           USD           RMB          RMB           USD 
Net revenues               789,413    1,208,253        172,175    2,199,799    3,164,935        451,000 
Cost of revenues         (218,126)    (429,791)       (61,245)    (562,488)  (1,014,638)      (144,585) 
                       -----------  -----------  -------------  -----------  -----------  ------------- 
Gross profit               571,287      778,462        110,930    1,637,311    2,150,297        306,415 
                       -----------  -----------  -------------  -----------  -----------  ------------- 
Operating expenses: 
Selling expenses         (434,428)    (885,769)      (126,221)  (1,035,514)  (2,227,547)      (317,423) 
Research and 
 development 
 expenses                (130,618)    (189,305)       (26,976)    (325,997)    (503,013)       (71,679) 
General and 
 administrative 
 expenses                (105,782)    (193,495)       (27,573)    (236,891)    (452,296)       (64,452) 
                       -----------  -----------  -------------  -----------  -----------  ------------- 
Total operating 
 expenses                (670,828)  (1,268,569)      (180,770)  (1,598,402)  (3,182,856)      (453,554) 
                       -----------  -----------  -------------  -----------  -----------  ------------- 
(Loss)/income from 
 operations               (99,541)    (490,107)       (69,840)       38,909  (1,032,559)      (147,139) 
                       -----------  -----------  -------------  -----------  -----------  ------------- 
Interest income             24,153       15,661          2,232       57,226       55,608          7,924 
Realized gains from 
 investments                 7,579        6,001            855       25,961       20,285          2,891 
Other income, net           15,782        3,964            565       21,695       52,220          7,441 
                       -----------  -----------  -------------  -----------  -----------  ------------- 
(Loss)/income before 
 provision for income 
 tax and share of 
 results of equity 
 investees                (52,027)    (464,481)       (66,188)      143,791    (904,446)      (128,883) 
                       -----------  -----------  -------------  -----------  -----------  ------------- 
Income tax 
 (expenses)/benefits         (656)      (6,792)          (968)     (22,275)      (8,674)        (1,236) 
Share of results of 
 equity investees          (4,980)            -              -      (9,165)            -              - 
                       -----------  -----------  -------------  -----------  -----------  ------------- 
Net (loss)/income         (57,663)    (471,273)       (67,156)      112,351    (913,120)      (130,119) 
                       -----------  -----------  -------------  -----------  -----------  ------------- 
Net (loss)/income 
 attributable to 
 Gaotu Techedu Inc.'s 
 ordinary 
 shareholders             (57,663)    (471,273)       (67,156)      112,351    (913,120)      (130,119) 
                       -----------  -----------  -------------  -----------  -----------  ------------- 
Net (loss)/income 
per ordinary share 
Basic                       (0.33)       (2.75)         (0.39)         0.65       (5.30)         (0.76) 
Diluted                     (0.33)       (2.75)         (0.39)         0.63       (5.30)         (0.76) 
                       -----------  -----------  -------------  -----------  -----------  ------------- 
Net (loss)/income 
per ADS 
Basic                       (0.22)       (1.83)         (0.26)         0.43       (3.54)         (0.50) 
Diluted                     (0.22)       (1.83)         (0.26)         0.42       (3.54)         (0.50) 
                       -----------  -----------  -------------  -----------  -----------  ------------- 
Weighted average 
shares used in net 
(loss)/income per 
share 
Basic                  174,631,114  171,135,287    171,135,287  174,107,221  172,165,794    172,165,794 
Diluted                174,631,114  171,135,287    171,135,287  179,488,050  172,165,794    172,165,794 
 
 
Note: Three ADSs represent two ordinary shares. 
 
 
                                 Gaotu Techedu Inc. 
      Reconciliations of non-GAAP measures to the most comparable GAAP measures 
     (In thousands of RMB and USD, except for share, per share and per ADS data) 
 
                For the three months ended       For the nine months ended September 
                September 30,                    30, 
                -------------------------------  ------------------------------------ 
                  2023       2024       2024       2023        2024          2024 
                ---------  ---------  ---------  ---------  -----------  ------------ 
                   RMB        RMB        USD        RMB         RMB          USD 
Net revenues      789,413  1,208,253    172,175  2,199,799    3,164,935       451,000 

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