Gaotu Techedu Cash Flow Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	-1,049	-7.3	13.17	-3,103	-1,393
Depreciation & Amortization	64.97	54.24	70.76	112.56	57.21
Loss (Gain) From Sale of Assets	4.83	2.72	-21.37	146.25	3.15
Asset Writedown & Restructuring Costs	-	-	-	95.84	-
Loss (Gain) From Sale of Investments	-25.3	-31.23	-42.26	-65.76	-70.4
Loss (Gain) on Equity Investments	-	9.17	-	0.3	-0.06
Stock-Based Compensation	53.22	58.35	122.65	320.89	238.45
Provision & Write-off of Bad Debts	1.8	10.81	-	-	-
Other Operating Activities	14.03	-0.61	13.23	4.96	-
Change in Unearned Revenue	848.27	278.29	-36.89	-1,738	1,384
Change in Income Taxes	-3.61	2.49	1.79	-4.65	-11.44
Change in Other Net Operating Assets	340.03	-25.05	-48.75	3.55	414.73
Operating Cash Flow	258.01	353.7	54.55	-4,186	603.27
Operating Cash Flow Growth	-27.05%	548.45%	-	-	-53.05%
Capital Expenditures	-179.92	-40.8	-33.95	-272.32	-358.38
Sale of Property, Plant & Equipment	0.35	0.09	22	8.91	0.01
Cash Acquisitions	-	-	-	-	-35.53
Investment in Securities	621.19	-282.07	-68.43	5,068	-5,202
Other Investing Activities	-	-	-	7.94	-
Investing Cash Flow	620.82	-423.98	-158.39	4,813	-5,596
Short-Term Debt Issued	-	-	-	400	-
Total Debt Issued	-	-	-	400	-
Short-Term Debt Repaid	-	-	-	-400	-0.46
Total Debt Repaid	-	-	-	-400	-0.46
Net Debt Issued (Repaid)	-	-	-	-	-0.46
Issuance of Common Stock	-	0.01	-	0.01	5,687
Repurchase of Common Stock	-205.3	-90.49	-	-	-282.54
Other Financing Activities	-	-	-	-100.62	-132.18
Financing Cash Flow	-205.3	-90.48	-	-100.61	5,272
Foreign Exchange Rate Adjustments	-17.14	10.78	26.65	15.82	2.19
Net Cash Flow	656.39	-149.98	-77.19	541.9	281.26
Free Cash Flow	78.09	312.9	20.59	-4,458	244.89
Free Cash Flow Growth	-75.04%	1419.43%	-	-	-79.99%
Free Cash Flow Margin	1.71%	10.57%	0.82%	-67.94%	3.44%
Free Cash Flow Per Share	0.30	1.20	0.08	-17.40	1.02
Cash Income Tax Paid	3.29	1.44	20.22	-84.83	86.35
Levered Free Cash Flow	613.1	56.52	-12.54	-3,679	799.07
Unlevered Free Cash Flow	613.1	56.52	-12.54	-3,679	799.07
Change in Working Capital	1,193	257.55	-101.63	-1,697	1,768

Source: S&P Global Market Intelligence. Standard template. Financial Sources.