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gsx techedu news

These estimates reflect the Company's current expectations, which are subject to change. Selling expenses increased to RMB2,055.8 million from RMB330.4 million in the third quarter of 2019. In GSX Techedu's press release, it highlighted net revenue of 1.966 billion yuan (about $300 million). The Company will hold an earnings conference call on Friday, November 20, 2020, at 8:00 AM U.S. Eastern Time (9:00 PM on the same day, Beijing/Hong Kong Time). [3] Paid course enrollments for a certain period refer to the cumulative number of paid courses enrolled in and paid for by our students, including multiple paid courses enrolled in and paid for by the same student. As previously disclosed, prior to the Company being contacted by the SEC regarding the SEC's ongoing investigation, the Audit Committee of the Board of Directors of the Company had engaged third party professional advisers to conduct an internal independent review into the allegations in a number of short-seller reports about the Company. [6] For a reconciliation of non-GAAP numbers, please see the table captioned "Reconciliations of non-GAAP measures to the most comparable GAAP measures" at the end of this press release. Based on the Company's current estimates, total net revenues for the fourth quarter of 2020 are expected to be between RMB2,076 million and RMB2,116 million, representing an increase of 122.0% to 126.3% on a year-over-year basis. Sandy Qin, CFAE-mail: ir@genshuixue.com, In ChinaMr. GSX believes that both management and investors benefit from these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. Find the latest GSX Techedu Inc. (GSX) stock quote, history, news and other vital information to help you with your stock trading and investing. [5] The breakdown does not include amount generated from other services because it is negligible. Nevertheless, we were still able to achieve strong growth in topline. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of non-GAAP measures to the most comparable GAAP measures" set forth at the end of this release. Note: Three ADS represents two ordinary shares. As of September 30, 2020, the Company's deferred revenue balance was RMB1,964.8 million, increasing 46.9% from RMB1,337.6 million as of December 31, 2019. Linda BergkampPhone: +1-480-614-3004Email: lbergkamp@christensenir.com, Unaudited condensed consolidated balance sheets, (In thousands of RMB and USD, except for share, per share and per ADS data), Prepaid expenses and other current assets, Accrued expenses and other current liabilities   (including accrued expenses and other current   liabilities of the consolidated VIE without   recourse to the Group of RMB188,975 and   RMB455,410 as of December 31, 2019 and   September 30, 2020, respectively), Deferred revenue, current portion of the   consolidated VIE without recourse to the Group, Current portion of operating lease liabilities   (including current portion of operating lease   liabilities of the consolidated VIE without   recourse to the Group of RMB59,982 and   RMB104,174 as of December 31, 2019 and   September 30, 2020, respectively), Income tax payable of the consolidated VIE   without recourse to the Group, Amounts due to related parties of the   consolidated VIE without recourse to the Group, Deferred revenue, non-current portion of the   consolidated VIE without recourse to the   Group, Non-current portion of operating lease liabilities   (including non-current portion of operating   lease liabilities of the consolidated VIE without   recourse to the Group of RMB194,228 and   RMB475,651 as of December 31, 2019 and   September 30, 2020, respectively), Deferred tax liabilities of the consolidated VIE   without recourse to the Group, Accumulated other comprehensive income (loss), TOTAL LIABILITIES AND TOTAL SHAREHOLDERS' EQUITY, Unaudited condensed consolidated statements of operations, (Loss) Income before provision for income   tax and loss from equity method   investments, Income (Loss) from equity method investments, Less: Series A convertible redeemable preferred   shares redemption value accretion, Less: Undistributed earnings allocated to the   participating preferred shares, Net income (Loss) attributable to GSX Techedu Inc.'s ordinary shareholders, Weighted average shares used in net income   per share.

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