Youdao, Inc. (DAO)

Youdao Cash Flow Statement

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

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	82.21	-549.94	-727.03	-995.66
Depreciation & Amortization	28.95	29.64	42.21	30.1
Asset Writedown & Restructuring Costs	-	-	-	56.78
Loss (Gain) From Sale of Investments	-1.17	43.85	9.67	10.12
Loss (Gain) on Equity Investments	11.17	3.13	-0.46	-
Stock-Based Compensation	22.6	30.8	70.71	72.2
Provision & Write-off of Bad Debts	3.81	9.1	6.86	-4.52
Other Operating Activities	15.88	10.04	-3.86	75.22
Change in Accounts Receivable	-68.45	44.03	-163.48	24.84
Change in Inventory	24.82	8.71	20	-146.71
Change in Accounts Payable	-13.85	-123.36	121.35	12.45
Change in Unearned Revenue	-91.6	-14.66	9.28	115.46
Change in Income Taxes	-15.18	1.54	-2.42	-2.16
Change in Other Net Operating Assets	-67.11	68.98	85.75	128.3
Operating Cash Flow	-67.91	-438.15	-603.12	-1,346
Capital Expenditures	-11.79	-17.85	-68.66	-63.48
Sale of Property, Plant & Equipment	0.66	1.36	1.42	2.11
Cash Acquisitions	-	-4.22	-	43.22
Divestitures	-	-	-	-1.52
Sale (Purchase) of Intangibles	-	-	-1.1	-0.6
Investment in Securities	-8.96	152.69	220.16	62.96
Other Investing Activities	-	-	-	4.38
Investing Cash Flow	-13.59	125.57	125.82	47.07
Long-Term Debt Issued	487.97	99.29	225.94	257.52
Total Debt Issued	487.97	99.29	225.94	257.52
Long-Term Debt Repaid	-214.04	-	-	-
Net Debt Issued (Repaid)	273.93	99.29	225.94	257.52
Issuance of Common Stock	16.88	9.31	9.41	1,526
Repurchase of Common Stock	-62.3	-127.54	-50.7	-
Financing Cash Flow	228.51	-18.94	184.65	1,784
Foreign Exchange Rate Adjustments	-2.46	1.96	4.59	-21.03
Net Cash Flow	144.56	-329.55	-288.06	463.35
Free Cash Flow	-79.7	-456	-671.78	-1,410
Free Cash Flow Margin	-1.42%	-8.46%	-13.40%	-35.11%
Free Cash Flow Per Share	-0.67	-3.76	-5.43	-11.59
Cash Interest Paid	94.2	63.36	39.41	28.57
Cash Income Tax Paid	11.67	12.72	9.42	9.69
Levered Free Cash Flow	-122.21	-294.25	275.12	-1,698
Unlevered Free Cash Flow	-76.53	-250.83	303.62	-1,678
Change in Working Capital	-231.37	-14.77	70.49	132.19

Updated Feb 11, 2026. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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