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Discover Latest #Expectation News, Articles and Videos with Contenting
- ABC News Expectation is an attitude of anticipation, and it is often associated with hope and optimism. Expectations can be positive or negative. Positive expectations can lead to positive outcomes, while negative expectations can lead to disappointment or failure. ABC News provides news and analysis related to expectations from around the world. In addition to news and opinion articles, ABC News offers videos that provide insight into issues related to expectations.
EV Cargo Reports Strong 2024 Financial Results in Transformative Year - ForexTV
EV Cargo reported EBITDA growth of 84%, increasing revenue and gross profit while reducing operating expensesStrategic investments and initiatives combine to power compelling resultsEV Cargo expects continued growth and success in 2025 and beyond HONG KONG, March 10, 2025 (GLOBE NEWSWIRE) -- EV Cargo Group Limited, a leading global transport and logistics services provider, is pleased to announce its unaudited financial results for the year ending 31 December 2024. 2024 has been a transformative year for EV Cargo, with many of the significant investments and strategic initiatives undertaken in recent years generating compelling value and results. We implemented key strategies aimed at expanding our service offerings, enhancing efficiency and improving customer satisfaction. Our enduring commitment to growth, innovation and sustainability has enabled us to better meet the evolving needs of our clients, strengthened our operational capabilities and positioned us for continued success. Strategic Highlights Global network development: In recent years, we have completed and integrated significant acquisitions, opened new offices and facilities across key geographies and strengthened strategic relationships. EV Cargo now operates a global network of 90 offices across subsidiaries in 21 countries. Expanded industry solutions: We have increased the number of industry verticals within our overall customer proposition where we have the powerful combination of deep subject matter knowledge, established operational capability and a strong track record of success. Strengthened the Palletforce network: We have increased the Palletforce member network, strengthening our service, adding capacity and growing faster than the overall market. Transformed the Solutions division: We have transformed EV Cargo Solutions to focus on managed transport solutions and contract logistics with a well-invested fleet, strategic carrier base and innovative technology across a UK-centric platform. Technology investments: We have invested meaningfully in our proprietary software, such as Alliance, LIMA, EV Flow and EV Track, as well as world class third-party systems to advance our digital strategy, including the use of AI powered productivity tools. Culture: 2024 saw the EV Cargo brand, culture and identity genuinely come to life like never before. On a global basis, our people are aligned and committed to our mission of managing supply chains for the world’s leading brands. Financial Highlights Revenue growth: Our customer-focused approach and successful expansion initiatives resulted in revenue of £848.7 million, representing an increase of 8% compared to 2023. Global Forwarding & Technology and Palletforce posted revenue increases of 13% and 10%, respectively, with volume growth across air freight, sea freight and pallet distribution of 17%, 26% and 7%. Solutions had a modest revenue decline as part of its transformation initiative. Gross profit expansion: Our commercial and operational initiatives combined with revenue growth saw gross profit increase by 11% to £168.2 million, with gross profit margin increasing to 19.8%. Global Forwarding & Technology, which represents 68% of EV Cargo’s gross profit, increased by 20% as compared to 2023. EBITDA growth: EBITDA (before special items) grew to £53.3 million, representing an increase of 84% and an EBITDA margin of 6.3%. Our focus on streamlining operations resulted in a £7 million net reduction in operating expenses, demonstrating our commitment to maintaining a lean and agile business model while also investing for growth. Financial strength: Net interest-bearing debt stood at £95.3 million as of 31 December 2024, representing 1.8x EBITDA. EV Cargo remains a financially strong organisation with a solid balance sheet. Our prudent financial management has allowed us to finance significant acquisitions, geographic expansion and strategic transformation, within conservative debt levels. This robust financial position not only enhances our resilience in a competitive market but also positions us well for future expansion and innovation. Executive Chairman’s Statement Heath Zarin, EV Cargo Executive Chairman, said: “EV Cargo has delivered strong customer service and impressive financial results, even amidst a volatile global supply chain landscape. “Our ability to adapt quickly to changing market conditions has enabled us to meet and exceed customer expectations, reinforcing our reputation as a trusted partner in logistics. Despite industry-wide challenges, our dedicated team has remained focused on providing customer solutions that drive efficiency and satisfaction. “I would like to thank our employees, partners and customers for your continued support and trust in EV Cargo. Together, we are poised for an even more successful 2025 and beyond. “As we look to the future, we are excited about the opportunities that lie ahead. The strategic initiatives implemented in recent years have laid a strong foundation for growth and innovation. We remain committed to delivering exceptional value to our customers and stakeholders.” About EV Cargo EV Cargo: We manage supply chains for the world’s leading brands EV Cargo Group is a leading global transport and logistics services provider, specialising in comprehensive solutions across air and sea logistics, road logistics and contract logistics. Headquartered in Hong Kong, EV Cargo boasts a robust network of 2,500 supply chain professionals strategically positioned in over 90 locations worldwide. With more than 3 million square feet of warehousing space and operations across 21 countries, the company is well-equipped to manage mission-critical supply chains for the world’s leading brands. The company operates through three key divisions: Global Forwarding & Technology, which focuses on innovative freight forwarding and logistics solutions; Palletforce, a leading express palletised distribution network; and Solutions, which provides tailored managed transport and contract logistics services. Together, these divisions enhance EV Cargo’s ability to deliver exceptional value and efficiency to its clients. Guided by core values of growth, innovation and sustainability, EV Cargo is dedicated to unlocking value in its customers’ supply chains. The company focuses on reducing operating costs, enhancing customer service, and optimising inventory management, ensuring that clients can thrive in today’s competitive landscape. At the heart of EV Cargo’s success is its commitment to excellence. The company’s global network combines industry-leading technology with a talented workforce to deliver cutting-edge supply chain solutions that foster the growth of exceptional businesses. Founded in 2018 by EmergeVest, a Hong Kong-based private investment group, EV Cargo continues to expand its impact on the logistics sector, driving forward with a vision for a more efficient and sustainable future. For further information please contact:Christen Thomson, Senior Council, Citigate Dewe Rogersonchristen.thomson@cdrconsultancy.com
Why Manufacturers Are Choosing SAP for Smarter Production - TechBullion
The process of manufacturing has never been more involved. Dairy, food, beverage, chemical, automotive, electronics, and aerospace manufacturers have had to reconsider the very essence of their businesses due to global supply chains, increasing customer expectations, and greater demand for live data. In a business where speed and accuracy are key, getting smart in the right way can […]
Gov’t upsizes T-bill award amid robust demand - BusinessWorld Online
THE GOVERNMENT hiked the volume of Treasury bills (T-bills) it awarded on Monday as rates were below secondary market levels on growing expectations that the Bangko Sentral ng Pilipinas (BSP) will resume its easing cycle next month following slower-than-expected February inflation. The Bureau of the Treasury (BTr) raised P30.8 billion from the T-bills it auctioned […]
US Consumers Inflation Expectations Barely Budge In Latest Rebuke To UMich Farce | ZeroHedge
Inflation expectations at the one-year horizon were just barely higher at 3.1% from 3.00%. At the same time, both 3Y and 5Y inflation expectations were unchanged! So much for some imaginary re-anchoring of inflation expectations.
36Kr Holdings Inc. Reports Unaudited Financial Results for the Second Half and Fiscal Year 2024 - ForexTV
BEIJING, March 11, 2025 (GLOBE NEWSWIRE) -- 36Kr Holdings Inc. (“36Kr” or the “Company” or “We”) (NASDAQ: KRKR), a prominent brand and a pioneering platform dedicated to serving New Economy participants in China, today announced its unaudited financial results for the six months and fiscal year ended December 31, 2024. Financial and Operational Highlights for the Second Half of 2024 Number of followers1 as of December 31, 2024, reached 35.9 million, an increase of 10% from 32.7 million as of December 31, 2023. Total revenues were RMB128.7 million (US$17.6 million) in the second half of 2024, compared to RMB200.3 million in the same period of 2023.Revenues from online advertising services were RMB100.2 million (US$13.7 million) in the second half of 2024, compared to RMB139.8 million in the same period of 2023.Revenues from enterprise value-added services were RMB19.4 million (US$2.7 million) in the second half of 2024, compared to RMB40.5 million in the same period of 2023.Revenues from subscription services were RMB9.0 million (US$1.2 million) in the second half of 2024, compared to RMB20.0 million in the same period of 2023.General and administrative expense was RMB30.3 million (US$4.1 million) in the second half of 2024, representing a 58% decrease from RMB72.2 million in the same period of 2023. Financial and Operational Highlights for the Fiscal Year 2024 Total revenues were RMB231.1 million (US$31.7 million) in fiscal year 2024, compared to RMB340.2 million in fiscal year 2023. Revenues from online advertising services were RMB180.6 million (US$24.7 million) in fiscal year 2024, compared to RMB238.7 million in fiscal year 2023.Revenues from enterprise value-added services were RMB32.8 million (US$4.5 million) in fiscal year 2024, compared to RMB67.3 million in fiscal year 2023.Revenues from subscription services were RMB17.6 million (US$2.4 million) in fiscal year 2024, compared to RMB34.2 million in fiscal year 2023.General and administrative expense was RMB93.1million (US$12.8million), representing a year-over-year decrease of 13% from RMB107.0 million. Selected Operating Data For the Fiscal Year EndedDecember 31, 2023 2024 Online advertising services Number of online advertising services end customers 488 411 Average revenue per online advertising services end customer (RMB’000)2 489.1 439.4 Enterprise value-added services Number of enterprise value-added services end customers 306 158 Average revenue per enterprise value-added services end customer (RMB’000)3 219.9 207.8 Subscription services Number of individual subscribers 46 16 Average revenue per individual subscriber (RMB)4 143,091 24,637.5 Number of institutional investors 185 231 Average revenue per institutional investor (RMB’000)5 149.2 74.6 Mr. Dagang Feng, Co-chairman and CEO of 36Kr, commented, “Amid the challenging external environment of 2024, we maintained our focus on long-term strategy and achieved significant operational efficiency improvements. Furthermore, by consistently enriching our content ecosystem, expanding our products and service offerings, and refining our omni-channel distribution matrix, we increased the number of our followers by 10% year-over-year to 36 million as of the end of 2024, marking our 16th consecutive quarter of follower growth. Looking ahead to 2025, we will continue to implement our innovative content initiatives and harness AI-driven opportunities to drive the Company’s high-quality, sustainable development.” Mr. Xiang Li, Chief Financial Officer of 36Kr, added, “We significantly enhanced operational efficiency throughout 2024, cutting our total operating expenses by 50% year-over-year for the second half of 2024 and 31% for the full year. For the second half of 2024, our total operating expenses as a percentage of total revenues decreased by 17 percentage points year-over-year, and our gross profit margin remained above 50%. Heading into 2025, we will focus on amplifying our core competitive advantages and explore broader AI-powered commercialization strategies to create value for our stakeholders.” ___________________________1 “Number of followers” refers to the aggregate number of followers across the official accounts we own and/or operate on various social media and online platforms, including but not limited to Weixin, Weibo, Zhihu, Toutiao, Xinhua Net, Douyin and Bilibili. 2 Equals revenues generated from online advertising services for a period divided by the number of online advertising services end customers in the same period. 3 Equals revenues generated from enterprise value-added services for a period divided by the number of enterprise value-added services end customers in the same period. 4 Equals revenues generated from individual subscription services for a period divided by the number of individual subscribers in the same period. 5 Equals revenues generated from institutional investor subscription services for a period divided by the number of institutional investors in the same period. Unaudited Financial Results of the Second Half of 2024 Total revenues were RMB128.7 million (US$17.6 million) in the second half of 2024, compared to RMB200.3 million in the same period of 2023. Online advertising services revenues were RMB100.2 million (US$13.7 million) in the second half of 2024, compared to RMB139.8 million in the same period of 2023. The decrease was primarily due to the reduction in advertising spending by advertisers from certain industries and our proactive efforts to cease collaboration with certain customers with relatively high credit risk.Enterprise value-added services revenues were RMB19.4 million (US$2.7 million) in the second half of 2024, compared to RMB40.5 million in the same period of 2023. The decrease was primarily attributable to strategically refocusing on the core high-margin business through the elimination of underperforming regional operations.Subscription services revenues were RMB9.0 million (US$1.2 million) in the second half of 2024, compared to RMB20.0 million in the same period of 2023. The decrease was primarily driven by fluctuations that resulted in lower-than-anticipated revenue. Cost of revenues was RMB61.8 million (US$8.5 million) in the second half of 2024, compared to RMB88.1 million in the same period of 2023. The decrease was primarily attributable to the operating cost reductions in line with the decline in our revenues. Gross profit was RMB66.9 million (US$9.2 million) in the second half of 2024, compared to RMB112.2 million in the same period of 2023. Gross profit margin was 52.0% in the second half of 2024, compared to 56.0% in the same period of 2023. Operating expenses were RMB73.1 million (US$10.0 million) in the second half of 2024, compared to RMB147.5 million in the same period of 2023, representing a decrease of 50% year-over-year. Sales and marketing expenses were RMB37.2 million (US$5.1 million) in the second half of 2024, a decrease of 40.7% from RMB62.7 million in the same period of 2023. The decrease was primarily attributable to the decrease in payroll-related expenses, rental expenses, and marketing and promotional expenses.General and administrative expenses were RMB30.3 million (US$4.1 million) in the second half of 2024, a 58.0% decrease compared to RMB72.2 million in the same period of 2023. The decrease was primarily attributable to a decline in personnel-related expenses.Research and development expenses were RMB5.6 million (US$0.8 million) in the second half of 2024, a decrease of 55.6% from RMB12.6 million in the same period of 2023. The decrease was primarily due to the workforce restructuring to enhance R&D efficiency. Share-based compensation gains recognized in cost of revenues, sales and marketing expenses, and research and development expenses, as well as general and administrative expenses, totaled RMB0.22 million (US$30.7 thousand) in the second half of 2024, compared to share-based compensation expenses of RMB0.97 million in the same period of 2023. The change was primarily attributable to the reversal of SBC expenses resulting from strategic workforce realignment. Other expenses were RMB38.6 million (US$5.3 million) in the second half of 2024, compared to RMB1.1 million of other expenses in the same period of 2023. The increase was mainly due to the impairment loss of long-term investment. Income tax credits were RMB1 thousand (US$0.1 thousand) in the second half of 2024, compared to RMB148 thousand of income tax expenses in the same period of 2023. Net loss was RMB44.9 million (US$6.1 million) in the second half of 2024, compared to RMB36.6 million in the same period of 2023. Non-GAAP adjusted net loss6 was RMB45.1 million (US$6.2 million) in the second half of 2024, compared to non-GAAP adjusted net loss of RMB35.6 million in the same period of 2023.Net loss attributable to 36Kr Holdings Inc.'s ordinary shareholders was RMB42.3 million (US$5.8 million) in the second half of 2024, compared to RMB37.7 million in the same period of 2023. Basic and diluted net loss per ADS7 were both RMB19.999 (US$2.740) in the second half of 2024, compared to RMB17.977 in the same period of 2023. Certain Balance Sheet Items As of December 31, 2024, the Company had cash, cash equivalents and short-term investments of RMB91.7 million (US$12.6 million). Unaudited Financial Results of Fiscal Year 2024 Total revenues were RMB231.1 million (US$31.7 million) in fiscal year 2024, compared to RMB340.2 million in fiscal year 2023. Online advertising services revenues were RMB180.6 million (US$24.7 million) in fiscal year 2024, compared to RMB238.7 million in fiscal year 2023. The decrease was primarily driven by clients' advertising budget reductions coupled with our proactive efforts to cease collaboration with certain customers with relatively high credit risk.Enterprise value-added services revenues were RMB32.8 million (US$4.5 million) in fiscal year 2024, compared to RMB67.3 million in fiscal year 2023. The decrease was primarily due to our ongoing refinement of service offerings by shrinking several regional operations to accelerate focus on cash flow optimization and efficiency improvement.Subscription services revenues were RMB17.6 million (US$2.4 million) in fiscal year 2024, compared to RMB34.2 million in fiscal year 2023. The decrease was mainly attributable to a strategic transition in the business model for training services. Cost of revenues was RMB118.7 million (US$16.3 million) in fiscal year 2024, compared to RMB158.2 million in fiscal year 2023. The decrease was primarily attributable to a decrease in operating costs resulting from our improved efficiency. Gross profit was RMB112.3 million (US$15.4 million) in fiscal year 2024, compared to RMB182.0 million in fiscal year 2023. Gross profit margin was 48.6% in fiscal year 2024 compared to 53.5% in the same period of 2023. Operating expenses were RMB190.1 million (US$26.0 million) in fiscal year 2024, compared to RMB276.2 million in fiscal year 2023, representing a decrease of 31.2% year-over-year. Sales and marketing expenses were RMB82.6 million (US$11.3 million) in fiscal year 2024, a decrease of 35.2% from RMB127.5 million in fiscal year 2023. The decrease was primarily attributable to the decrease in payroll-related expenses, rental expenses, and marketing and promotional expenses.General and administrative expenses were RMB93.1 million (US$12.8 million) in fiscal year 2024, a 13.0% decrease compared to RMB107.0 million in fiscal year 2023. The decrease was largely attributable to the decrease in personnel-related expenses and partially offset by doubtful accounts loss.Research and development expenses were RMB14.4 million (US$2.0 million) in fiscal year 2024, a decrease of 65.5% from RMB41.7 million in fiscal year 2023. The decrease was primarily due to the decrease in the average compensation level for our R&D personnel as we restructured our R&D team. Share-based compensation gains recognized in cost of revenues, sales and marketing expenses, and research and development expenses, as well as general and administrative expenses, totaled RMB0.18 million (US$24.3 thousand) in fiscal year 2024, compared to RMB4.7 million of share-based compensation expenses in fiscal year 2023. The change was mainly due to the reversal of SBC expenses caused by strategic workforce optimization. Other expenses were RMB63.0 million (US$8.6 million) in fiscal year 2024, compared to RMB4.9 million of other income in fiscal year 2023. The change was primarily driven by the impairment loss of long-term investment. Nevertheless, the company has proactively responded and is upbeat about its future. Income tax expenses were RMB64 thousand (US$9 thousand) in fiscal year 2024, compared to RMB42 thousand of income tax credits in fiscal year 2023. Net loss was RMB140.8 million (US$19.3 million) in fiscal year 2024, compared to RMB89.2 million in fiscal year 2023. Non-GAAP adjusted net loss6 was RMB141.0 million (US$19.3 million) in fiscal year 2024, compared to RMB84.6 million in fiscal year 2023. Net loss attributable to 36Kr Holdings Inc.'s ordinary shareholders was RMB136.6 million (US$18.7 million) in fiscal year 2024, compared to RMB90.0 million in fiscal year 2023. Basic and diluted net loss per ADS7 were both RMB64.795 (US$8.877) in fiscal year 2024, compared to RMB43.132 in fiscal year 2023. ___________________________6 Non-GAAP adjusted income/(loss) represents net income/(loss) excluding share-based compensation expenses/(gain). 7 On October 3, 2024, we effected a change in the ratio of our ADSs to Class A ordinary shares from one ADS representing twenty-five Class A ordinary shares to a new ratio of one ADS representing five hundred Class A ordinary shares. Basic and diluted net loss per ADS have been retrospectively adjusted to reflect this ADS ratio change for all periods presented. Conference Call The Company's management will host an earnings conference call at 8:00 AM U.S. Eastern Time on March 11, 2025 (8:00 PM Beijing/Hong Kong Time on March 11, 2025). For participants who wish to join the call by phone, please access the link provided below to complete the pre-registration and dial in 5 minutes prior to the scheduled call start time. Upon registration, each participant will receive dial-in details to join the conference call. Event Title:36Kr Holdings Inc. Second Half and Fiscal Year 2024 Earnings Conference CallPre-registration link:https://s1.c-conf.com/diamondpass/10045861-8wngh5.html Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at http://ir.36kr.com. A replay of the conference call will be available for one week from the date of the conference, by dialing the following telephone numbers: United States:+1-855-883-1031International:+61-7-3107-6325Hong Kong, China:800-930-639Mainland China:400-120-9216Replay PIN:10045861 About 36Kr Holdings Inc. 36Kr Holdings Inc. is a prominent brand and a pioneering platform dedicated to serving New Economy participants in China with the mission of empowering New Economy participants to achieve more. The Company started its business with high-quality New Economy-focused content offerings, covering a variety of industries in China's New Economy with diverse distribution channels. Leveraging traffic brought by high-quality content, the Company has expanded its offerings to business services, including online advertising services, enterprise value-added services and subscription services to address the evolving needs of New Economy companies and upgrading needs of traditional companies. The Company is supported by comprehensive database and strong data analytics capabilities. Through diverse service offerings and the significant brand influence, the Company is well-positioned to continuously capture the high growth potentials of China's New Economy. For more information, please visit: http://ir.36kr.com. Use of Non-GAAP Financial Measures In evaluating its business, the Company considers and uses two non-GAAP measures, adjusted net income/(loss) and adjusted EBITDA, as supplemental measures to review and assess its operating performance. The presentation of these two non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company presents these non-GAAP financial measures because they are used by the Company’s management to evaluate its operating performance and formulate business plans. The Company also believes that the use of these non-GAAP measures facilitates investors' assessment of its operating performance. These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. These non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using these non-GAAP financial measures is that they do not reflect all items of income and expense that affect our operations. Further, these non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company compensates for these limitations by reconciling these non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating the Company’s performance. The Company encourages investors to review its financial information in its entirety and not rely on a single financial measure. Adjusted net loss represents net loss excluding share-based compensation expenses. Adjusted EBITDA represents adjusted net income/(loss) before interest income, interest expenses, income tax expense/(credit), depreciation of property and equipment and amortization of intangible assets. For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of GAAP and non-GAAP results” set forth at the end of this press release. Exchange Rate Information This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from Renminbi to U.S. dollars and from U.S. dollars to Renminbi are made at a rate of RMB7.2993 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on of December 31, 2024. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. 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 goal and strategies; the Company’s future business development, results of operations and financial condition; relevant government policies and regulations relating to our business and industry; the Company’s expectations regarding the use of proceeds from this offering; the Company’s expectations regarding demand for, and market acceptance of, its services; the Company’s ability to maintain and enhance its brand; the Company’s ability to provide high-quality content in a timely manner to attract and retain users; the Company’s ability to retain and hire quality in-house writers and editors; the Company’s ability to maintain cooperation with third-party professional content providers; the Company’s ability to maintain relationship with third-party platforms; general economic and business condition in China; possible disruptions in commercial activities caused by natural or human-induced disasters; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law. For investor and media inquiries, please contact: In China: 36Kr Holdings Inc.Investor RelationsTel: +86 (10) 8965-0708E-mail: ir@36kr.com Piacente Financial CommunicationsJenny CaiTel: +86 (10) 6508-0677E-mail: 36Kr@tpg-ir.com In the United States: Piacente Financial CommunicationsBrandi PiacenteTel: +1-212-481-2050E-mail: 36Kr@tpg-ir.com 36Kr Holdings Inc.UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS December 31, December 31, December 31,202320242024 RMB’000 RMB’000 US$’000 Assets Current assets: Cash and cash equivalents41,464 36,766 5,037 Restricted cash- 822 113 Short‑term investments75,497 54,947 7,528 Accounts receivable, net139,408 65,617 8,987 Receivables due from related parties69 104 14 Prepayments and other current assets16,030 17,171 2,352 Total current assets272,468 175,427 24,031 Non‑current assets: Property and equipment, net7,366 5,817 797 Intangible assets, net2,079 1,485 204 Long-term investments142,599 74,858 10,256 Operating lease right-of-use assets, net34,454 18,606 2,550 Total non‑current assets186,498 100,766 13,807 Total assets458,966 276,193 37,838 Liabilities Current liabilities: Accounts payable60,376 59,835 8,197 Salary and welfare payables36,046 30,666 4,201 Taxes payable5,940 2,648 363 Deferred revenue23,428 19,301 2,644 Amounts due to related parties261 789 108 Accrued liabilities and other payables25,152 15,103 2,069 Short-term bank loan9,950 10,000 1,370 Operating lease liabilities8,953 7,860 1,077 Total current liabilities170,106 146,202 20,029 Non-current liabilities: Operating lease liabilities26,826 11,743 1,609 Other non-current liabilities174 — — Total non-current liabilities27,000 11,743 1,609 Total liabilities197,106 157,945 21,638 Shareholders’ equity Ordinary shares694 694 95 Treasury stock(11,502) (2,865) (393)Additional paid-in capital2,064,264 2,057,363 281,858 Accumulated deficit(1,796,189) (1,932,258) (264,718)Accumulated other comprehensive loss(5,290) (4,922) (674)Total 36Kr Holdings Inc.’s shareholders’ equity251,977 118,012 16,168 Non-controlling interests9,883 236 32 Total shareholders’ equity 261,860 118,248 16,200 Total liabilities and shareholders’ equity458,966 276,193 37,838 36Kr Holdings Inc.UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) Six Months Ended Twelve Months Ended December 31,2023 December 31,2024 December 31,2024 December 31,2023 December 31,2024 December 31,2024 RMB’000 RMB’000 US$’000 RMB’000 RMB’000 US$’000Revenues: Online advertising services 139,813 100,214 13,730 238,701 180,609 24,743 Enterprise value-added services 40,529 19,449 2,664 67,297 32,832 4,498 Subscription services 19,955 9,006 1,234 34,187 17,629 2,415 Total revenues 200,297 128,669 17,628 340,185 231,070 31,656 Cost of revenues (88,120) (61,802) (8,467) (158,169) (118,734) (16,266)Gross profit 112,177 66,867 9,161 182,016 112,336 15,390 Operating expenses: Sales and marketing expenses (62,683) (37,236) (5,101) (127,519) (82,596) (11,316)General and administrative expenses (72,168) (30,272) (4,147) (107,034) (93,100) (12,755)Research and development expenses (12,644) (5,597) (767) (41,681) (14,404) (1,973)Total operating expenses (147,495) (73,105) (10,015) (276,234) (190,100) (26,044)Loss from operations (35,318) (6,238) (854) (94,218) (77,764) (10,654)Other (expenses)/income: Share of loss from equity method investments (216) (3,209) (440) (523) (3,726) (510)Gain on disposal of subsidiaries 3,366 839 115 3,366 839 115 Long-term investment loss (8,079) (37,229) (5,100) (8,079) (62,763) (8,599)Short-term investment income 536 199 27 1,312 623 85 Government grant 352 16 2 1,147 491 67 Others, net 2,943 760 104 7,706 1,577 217 Loss before income tax (36,416) (44,862) (6,146) (89,289) (140,723) (19,279)Income tax (expenses)/credit (148) 1 0 42 (64) (9)Net loss (36,564) (44,861) (6,146) (89,247) (140,787) (19,288)Net (income)/loss attributable to non-controlling interests (1,108) 2,586 354 (733) 4,160 570 Net loss attributable to 36Kr Holdings Inc.’s ordinary shareholders (37,672) (42,275) (5,792) (89,980) (136,627) (18,718) Net loss (36,564) (44,861) (6,146) (89,247) (140,787) (19,288)Other comprehensive (loss)/income Foreign currency translation adjustments (583) 199 27 570 369 51 Total other comprehensive loss (583) 199 27 570 369 51 Total comprehensive loss (37,147) (44,662) (6,119) (88,677) (140,418) (19,237)Comprehensive (income)/loss attributable to non-controlling interests (1,108) 2,586 354 (733) 4,160 570 Comprehensive loss attributable to 36Kr Holdings Inc.’s ordinary shareholders (38,255) (42,076) (5,765) (89,410) (136,258) (18,667) Net loss per ordinary share (RMB) Basic (0.036) (0.040) (0.005) (0.086) (0.130) (0.018)Diluted (0.036) (0.040) (0.005) (0.086) (0.130) (0.018)Net loss per ADS (RMB) Basic (17.977) (19.999) (2.740) (43.132) (64.795) (8.877)Diluted (17.977) (19.999) (2.740) (43.132) (64.795) (8.877)Weighted average number of ordinary shares used in per share calculation Basic 1,047,723,522 1,056,978,247 144,805,426 1,043,057,081 1,054,310,601 144,439,960 Diluted 1,047,723,522 1,056,978,247 144,805,426 1,043,057,081 1,054,310,601 144,439,960 Weighted average number of ADS used in per ADS calculation Basic 2,095,447 2,113,956 289,611 2,086,114 2,108,621 288,880 Diluted 2,095,447 2,113,956 289,611 2,086,114 2,108,621 288,880 36Kr Holdings Inc.UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS Six Months Ended Twelve Months Ended December 31,2023 December 31,2024 December 31,2024 December 31,2023 December 31,2024 December 31,2024 RMB’000 RMB’000 US$’000 RMB’000 RMB’000 US$’000 Net loss (36,564) (44,861) (6,146) (89,247) (140,787) (19,288)Share-based compensation expense/(gain) 965 (225) (31) 4,672 (178) (24)Non-GAAP adjusted net loss (35,599) (45,086) (6,177) (84,575) (140,965) (19,312)Interest income, net (110) (688) (94) (794) (1,173) (161)Income tax expense/(credit) 148 (1) - (42) 64 9 Depreciation and amortization expenses 1,412 878 120 2,105 1,829 251 Non-GAAP adjusted EBITDA (34,149) (44,897) (6,151) (83,306) (140,245) (19,213)
QuantaSing Announces Unaudited Financial Results for the Second Quarter of Fiscal Year 2025 - ForexTV
BEIJING, March 11, 2025 (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 unaudited financial results for the second quarter of the fiscal year ending June 30, 2025 (the “second quarter of FY 2025”, which refers to the quarter from October 1, 2024 to December 31, 2024). Highlights for the Second Quarter of FY 2025 Revenues for the second quarter of FY 2025 were RMB726.6 million (US$99.6 million), representing a decrease of 10.3% from the first quarter of the fiscal year ending June 30, 2025 (the “first quarter of FY 2025”) and a decrease of 25.9% from the second quarter of the fiscal year ended June 30, 2024 (the “second quarter of FY 2024”).Gross billings of individual online learning services1 for the second quarter of FY 2025 were RMB546.2 million (US$74.8 million), representing a decrease of 23.5% from the first quarter of FY 2025 and a decrease of 42.2% from the second quarter of FY 2024.Net income for the second quarter of FY 2025 was RMB126.8 million (US$17.4 million), representing an increase of 57.1% from the first quarter of FY 2025 and an increase of 17.8% from the second quarter of FY 2024.Adjusted net income2 for the second quarter of FY 2025 was RMB132.0 million (US$18.1 million), representing an increase of 50.0% from the first quarter of FY 2025 and an increase of 27.1% from the second quarter of FY 2024.Total registered users increased by 24.2% to approximately 139.6 million as of December 31, 2024, from 112.4 million as of December 31, 2023.Paying learners was approximately 0.3 million in the second quarter of FY 2025. Mr. Peng Li, Chairman and Chief Executive Officer of QuantaSing, commented, “Our second quarter results demonstrate our deliberate approach to business development as we execute our strategic transition. Our established online learning business continues to operate effectively, generating steady cash flow that supports our strategic initiatives. Meanwhile, our consumer business is experiencing promising growth, driven by strong demand for our health and wellness products, with a focus on the silver economy. By diversifying our revenue streams across multiple business lines while enhancing our technological capabilities, we're building a more resilient business model that can navigate market uncertainties. Our focus remains on creating long-term shareholder value through disciplined execution and selective investments in promising growth opportunities.” Mr. Dong Xie, Chief Financial Officer of QuantaSing, added, “Our second quarter financial performance reflects our disciplined approach to business transformation. While revenue has moderated as expected during this transition, our focus on operational efficiency has enabled us to maintain a solid financial foundation. Our ongoing IT infrastructure enhancement and process optimization efforts are driving improved efficiency across our business lines. With our cash and cash equivalents, restricted cash and short-term investments of RMB1,213.2 million, we have the flexibility to carefully evaluate strategic opportunities as we navigate this transitional phase.” Financial Results for the Second Quarter of FY 2025 Revenues Revenues were RMB726.6 million (US$99.6 million) in the second quarter of FY 2025, compared to RMB980.5 million in the second quarter of FY 2024. The change reflects the Company's deliberate shift from traffic-driven growth to high-quality growth, with strategic focus on the silver economy market. Revenues from individual online learning services decreased by 31.2% year over year to RMB601.3 million (US$82.5 million) in the second quarter of FY 2025, from RMB873.6 million in the second quarter of FY 2024. This decrease was primarily due to a decrease of RMB162.7 million (US$22.3 million) in revenues from skills upgrading courses, a decline of RMB92.6 million (US$12.7 million) in revenues from financial literacy courses and a decline of RMB17.0 million (US$2.3 million) in revenues from recreation and leisure courses.Revenues from enterprise services were RMB55.7 million (US$7.6 million) in the second quarter of FY 2025, compared to RMB57.6 million in the second quarter of FY 2024, representing a year-over-year change of 3.4%, primarily due to changes in existing customers’ demands.Revenues from consumer business3 increased to RMB64.5 million (US$8.8 million) in the second quarter of FY 2025, representing a 39.0% increase from RMB46.4 million in the second quarter of FY 2024, driven by the Company’s expansion into wellness products.Revenues from others3 were RMB5.1 million (US$0.7 million) in the second quarter of FY 2025, compared to RMB3.0 million in the second quarter of FY 2024, primarily due to revenue generated from the Company’s newly initiated business. Cost of revenues Cost of revenues was RMB122.5 million (US$16.8 million) in the second quarter of FY 2025, compared to RMB145.0 million in the second quarter of FY 2024, representing a decrease of 15.5%. The decrease was primarily due to reduced labor outsourcing costs of RMB12.2 million (US$1.7 million) and lower staff costs of RMB5.8 million (US$0.8 million), partially offset by a RMB5.8 million (US$0.8 million) increase in procurement costs. Sales and marketing expenses Sales and marketing expenses were RMB407.0 million (US$55.8 million) in the second quarter of FY 2025, compared to RMB657.1 million in the second quarter of FY 2024, representing a decrease of 38.1%. The decrease was mainly due to declines in marketing and promotion expenses of RMB224.5 million (US$30.8 million) and labor outsourcing costs of RMB31.0 million (US$4.3 million), partially offset by an increase in staff costs of RMB14.0 million (US$1.9 million), which includes an increase in share-based compensation expenses of RMB16.8 million (US$2.3 million). Research and development expenses Research and development expenses were RMB28.4 million (US$3.9 million) in the second quarter of FY 2025, compared to RMB41.0 million in the second quarter of FY 2024, representing a decrease of 30.9%. The decrease was primarily due to lower staff costs of RMB9.7 million (US$1.3 million). General and administrative expenses General and administrative expenses were RMB30.5 million (US$4.2 million) in the second quarter of FY 2025, compared to RMB35.1 million in the second quarter of FY 2024, representing a decrease of 12.9%. The decrease was primarily due to lower share-based compensation expenses of RMB5.0 million (US$0.7 million). Net income and adjusted net income Net income was RMB126.8 million (US$17.4 million) in the second quarter of FY 2025, compared with RMB107.6 million in the second quarter of FY 2024. Adjusted net income was RMB132.0 million (US$18.1 million) in the second quarter of FY 2025, compared to RMB103.9 million in the second quarter of FY 2024. Earnings per share and adjusted earnings per share4 Basic and diluted net income per share were RMB0.78 (US$0.11) and RMB0.77 (US$0.11), respectively, in the second quarter of FY 2025, compared with basic and diluted net income per share of RMB0.65 and RMB0.64 in the second quarter of FY 2024. Basic and diluted adjusted net income per share were RMB0.81 (US$0.11) and RMB0.80 (US$0.11), respectively, in the second quarter of FY 2025, compared with basic and diluted adjusted net income per share of RMB0.63 and RMB0.62 in the second quarter of FY 2024. Balance Sheet As of December 31, 2024, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB1,213.2 million (US$166.2 million), compared with RMB1,026.3 million as of June 30, 2024. Recent Developments Changes in Composition of Board On January 21, 2025, the Company announced changes to its board of directors (the “Board”). Mr. Chenyang Wei resigned as a director effective January 21, 2025, for personal reasons. The Company appointed Mr. Shunyan Zhu as a new independent director and member of the audit committee of the Board (the “Audit Committee”), effective the same date. Following these changes, the Board consists of seven directors: Mr. Peng Li, Mr. Frank Lin, Mr. Dong Xie and Ms. Xihao Liu, and three independent directors, Mr. Hongqiang Zhao, Ms. Pei Hua (Helen) Wong and Mr. Shunyan Zhu. The Audit Committee consists of the three independent directors. Investments in Letsvan Through a series of transactions commencing in December 2024, the Company has invested in Shenzhen Yiqi Culture Co., Ltd. (深圳市熠起文化有限公司)(“Letsvan”), a PRC-based company primarily engaged in IP incubation and discovery, IP operation, copyright commercialization, and the promotion and sales of pop toys and other cultural products for global artists. The Company believes that such investments in Letsvan will effectively capitalize on the Company’s transferable expertise and established operational infrastructure, thereby unlocking a wider array of business opportunities. The Company expects to consummate the investments by the end of March 2025, upon which the Company will have control over and be able to consolidate the results of Letsvan into the Company’s consolidated financial statements. Share Repurchase Program On June 11, 2024, the Company announced that the Board 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 December 31, 2024, a total of 1.7 million ADSs had been repurchased for an aggregate consideration of US$3.6 million under the 2024 Share Repurchase Program. Conference Call Information The Company's management team will hold an earnings conference call at 07:00 A.M. Eastern Time on Tuesday, March 11, 2025 (07:00 P.M. Beijing Time on the same day) to discuss the financial results. Listeners may access the call by dialing the following numbers: International:1-412-902-4272United States Toll Free:1-888-346-8982Mainland China Toll Free:4001-201203Hong Kong Toll Free:800-905945Conference ID:QuantaSing Group Limited The replay will be accessible through March 18, 2025 by dialing the following numbers: International:1-412-317-0088United States Toll Free:1-877-344-7529Replay Access Code:7982374 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 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 excluding share-based compensation expense. Basic and diluted adjusted net income per share represents adjusted net income attributable to QuantaSing Group Limited divided by weighted average number of ordinary shares outstanding during the periods used in computing adjusted net income per 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, net income per 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 RMB7.2993 to US$1.00, the exchange rate on December 31, 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. 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; the expected growth, trends and competition in the markets that the Company operates 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 services in selected areas to address the senior users’ aspirations for wellness. For more information, please visit: https://ir.quantasing.com. Contact Investor RelationsLeah GuoQuantaSing Group LimitedEmail: ir@quantasing.comTel: +86 (10) 6493-7857 Robin Yang, PartnerICR, LLCEmail: QuantaSing.IR@icrinc.comPhone: +1 (212) 537-0429 __________________________ 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 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.3 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.4 Basic and diluted adjusted net income per share are non-GAAP financial measures. For a reconciliation of basic and diluted net income per share to basic and diluted adjusted net income per share, see the “Non-GAAP Financial Measures” section and the table captioned “QuantaSing Group Limited Unaudited Reconciliation of GAAP and Non-GAAP Results” below. QUANTASING GROUP LIMITEDUNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(Amounts in thousands, except for share and per share data) As of June 30,2024 December 31,2024 December 31,2024 RMB RMB US$ ASSETS Current assets: Cash and cash equivalents779,931 1,094,762 149,982Restricted cash160 1,174 161Short-term investments246,195 117,285 16,068Accounts receivable, net16,676 16,403 2,247Amounts due from related parties4,488 - -Inventory, net6,345 13,398 1,836Prepayments and other current assets275,549 157,802 21,620Total current assets 1,329,344 1,400,824 191,914 Non-current assets: Property and equipment, net6,569 5,032 689Long-term investments9,010 35,776 4,901Intangible assets, net- 59 8Operating lease right-of-use assets58,889 37,205 5,097Deferred tax assets847 2,014 276Other non-current assets21,360 6,102 836Total non-current assets96,675 86,188 11,807TOTAL ASSETS1,426,019 1,487,012 203,721 LIABILITIES Current liabilities: Accounts payables62,066 46,301 6,343Accrued expenses and other current liabilities190,508 197,866 27,108Income tax payable20,399 51,966 7,119Contract liabilities, current portion385,227 304,788 41,756Advance from customers162,257 122,815 16,826Operating lease liabilities, current portion49,099 45,021 6,168Total current liabilities 869,556 768,757 105,320 Non-current liabilities: Contract liabilities, non-current portion11,365 28,057 3,844Operating lease liabilities, non-current portion16,989 2,443 335Deferred tax liabilities11,625 23,765 3,256Total non-current liabilities39,979 54,265 7,435TOTAL LIABILITIES909,535 823,022 112,755 QUANTASING GROUP LIMITEDUNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - continued(Amounts in thousands, except for share and per share data) As of June 30,2024 December 31,2024 December 31,2024 RMB RMB US$ SHAREHOLDERS’ EQUITY Class A ordinary shares81 81 11 Class B ordinary shares34 34 5 Treasury stock(109,257) (46,363) (6,352)Additional paid-in capital1,192,474 1,067,975 146,312 Accumulated other comprehensive income17,313 18,780 2,573 Accumulative deficit(584,161) (376,717) (51,610)TOTAL QUANTASING GROUP LIMITED SHAREHOLDERS’ EQUITY516,484 663,790 90,939 Non-controlling interests- 200 27 TOTAL SHAREHOLDERS’ EQUITY516,484 663,990 90,966 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY1,426,019 1,487,012 203,721 QUANTASING GROUP LIMITEDUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME(Amounts in thousands, except for shares and per share data) For the Three Months Ended December 31, For the Six Months Ended December 31, 2023 2024 2024 2023 2024 2024 RMB RMB US$ RMB RMB US$ Revenues980,542 726,647 99,550 1,849,678 1,537,051 210,575 Cost of revenues(145,018) (122,512) (16,784) (263,210) (256,960) (35,203) Gross Profit 835,524 604,135 82,766 1,586,468 1,280,091 175,372 Operating expenses: Sales and marketing expenses(657,112) (407,022) (55,762) (1,277,264) (922,031) (126,318)Research and development expenses(41,015) (28,354) (3,884) (84,815) (56,434) (7,731)General and administrative expenses(35,059) (30,524) (4,182) (77,821) (61,145) (8,377)Total operating expenses(733,186) (465,900) (63,828) (1,439,900) (1,039,610) (142,426) Income from operations102,338 138,235 18,938 146,568 240,481 32,946 Other income: Interest income2,409 1,221 167 5,856 3,160 433 Others, net2,221 6,283 861 14,478 16,018 2,194 Income before income tax106,968 145,739 19,966 166,902 259,659 35,573 Income tax benefit/(expense)642 (18,983) (2,601) 7,388 (52,215) (7,153) Net income 107,610 126,756 17,365 174,290 207,444 28,420 Net loss attributable to noncontrolling interests- - - - - - Net income attributable to QuantaSing Group Limited107,610 126,756 17,365 174,290 207,444 28,420 Other comprehensive (loss)/income Foreign currency translation adjustments, net of nil tax(3,372) 5,013 687 (5,377) 1,467 201 Total other comprehensive (loss)/income(3,372) 5,013 687 (5,377) 1,467 201 Total comprehensive income104,238 131,769 18,052 168,913 208,911 28,621 Total comprehensive loss attributable to noncontrolling interests- - - - - - Comprehensive income attributable to QuantaSing Group Limited104,238 131,769 18,052 168,913 208,911 28,621 Net income per ordinary share - Basic0.65 0.78 0.11 1.04 1.30 0.18 - Diluted0.64 0.77 0.11 1.02 1.27 0.17 Weighted average number of ordinary shares used in computing net income per share - Basic165,369,914 162,250,442 162,250,442 167,213,449 159,347,748 159,347,748 - Diluted167,356,510 165,374,240 165,374,240 171,180,058 163,341,734 163,341,734 Share-based compensation expenses included in Cost of revenues(3,289) (1,480) (203) (7,067) (3,783) (518)Sales and marketing expenses15,946 (859) (118) 11,457 (898) (123)Research and development expenses(1,402) (409) (56) (7,012) (2,307) (316)General and administrative expenses(7,513) (2,470) (338) (20,922) (5,502) (754) QUANTASING GROUP LIMITEDUNAUDITED 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 MonthsEnded December 31, For the Six MonthsEnded December 31, 2023 2024 2024 2023 2024 2024 RMB RMB US$ RMB RMB US$ Revenues of individual online learning services:873,551 601,293 82,377 1,629,461 1,310,305 179,510 Add: value-added tax47,100 33,359 4,570 94,679 74,050 10,145 Add: ending deferred revenues(1)643,929 440,632 60,366 643,929 440,632 60,366 Less: beginning deferred revenues(1)(619,954) (529,054) (72,480) (661,360) (565,030) (77,409) Gross billings of individual online learning services944,626 546,230 74,833 1,706,709 1,259,957 172,612 (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 LIMITEDUNAUDITED 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 to adjusted net income and basic and diluted net income per share to basic and diluted adjusted net income per share for the periods indicated: For the Three Months Ended December 31, For Six Months Ended December 31, 2023 2024 2024 2023 2024 2024 RMB RMB US$ RMB RMB US$ Net income 107,610 126,756 17,365 174,290 207,444 28,420Add: Share-based compensation expenses(3,742) 5,218 715 23,544 12,490 1,711 Adjusted net income103,868 131,974 18,080 197,834 219,934 30,131Attributable to noncontrolling interests- - - - - -Adjusted net income attributable to QuantaSing Group Limited103,868 131,974 18,080 197,834 219,934 30,131 Weighted average number of ordinary shares used in computing net income per share - Basic165,369,914 162,250,442 162,250,442 167,213,449 159,347,748 159,347,748- Diluted167,356,510 165,374,240 165,374,240 171,180,058 163,341,734 163,341,734Weighted average number of ordinary shares used in computing adjusted net income per share - Basic165,369,914 162,250,442 162,250,442 167,213,449 159,347,748 159,347,748- Diluted167,356,510 165,374,240 165,374,240 171,180,058 163,341,734 163,341,734 Net income per ordinary share - Basic0.65 0.78 0.11 1.04 1.30 0.18- Diluted0.64 0.77 0.11 1.02 1.27 0.17Non-GAAP adjustments to net income per ordinary share - Basic(0.02) 0.03 0.00 0.14 0.08 0.01- Diluted(0.02) 0.03 0.00 0.14 0.08 0.01Adjusted net income per ordinary share - Basic0.63 0.81 0.11 1.18 1.38 0.19- Diluted0.62 0.80 0.11 1.16 1.35 0.18