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	FY 2020
Period Ending	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net Income	82.21	-549.94	-727.03	-995.66	-1,753
Depreciation & Amortization	28.95	29.64	42.21	30.1	15.46
Asset Writedown & Restructuring Costs	-	-	-	56.78	-
Loss (Gain) From Sale of Investments	-1.17	43.85	9.67	10.12	-0.87
Loss (Gain) on Equity Investments	11.17	3.13	-0.46	-	-
Stock-Based Compensation	22.6	30.8	70.71	72.2	36.43
Provision & Write-off of Bad Debts	3.81	9.1	6.86	-4.52	12.12
Other Operating Activities	15.88	10.04	-3.86	75.22	967.73
Change in Accounts Receivable	-68.45	44.03	-163.48	24.84	-80.06
Change in Inventory	24.82	8.71	20	-146.71	-54.65
Change in Accounts Payable	-13.85	-123.36	121.35	12.45	78.63
Change in Unearned Revenue	-91.6	-14.66	9.28	115.46	545.81
Change in Income Taxes	-15.18	1.54	-2.42	-2.16	28.84
Change in Other Net Operating Assets	-67.11	68.98	85.75	128.3	193.47
Operating Cash Flow	-67.91	-438.15	-603.12	-1,346	-321.56
Capital Expenditures	-11.79	-17.85	-68.66	-63.48	-30.77
Sale of Property, Plant & Equipment	0.66	1.36	1.42	2.11	0.93
Cash Acquisitions	-	-4.22	-	43.22	-6.4
Divestitures	-	-	-	-1.52	-
Sale (Purchase) of Intangibles	-	-	-1.1	-0.6	-
Investment in Securities	-8.96	152.69	220.16	62.96	803.3
Other Investing Activities	-	-	-	4.38	-6.08
Investing Cash Flow	-13.59	125.57	125.82	47.07	760.97
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	34.47
Repurchase of Common Stock	-62.3	-127.54	-50.7	-	-
Other Financing Activities	-	-	-	-	-7.91
Financing Cash Flow	228.51	-18.94	184.65	1,784	26.56
Foreign Exchange Rate Adjustments	-2.46	1.96	4.59	-21.03	-30.1
Net Cash Flow	144.56	-329.55	-288.06	463.35	435.87
Free Cash Flow	-79.7	-456	-671.78	-1,410	-352.33
Free Cash Flow Margin	-1.42%	-8.46%	-13.40%	-35.11%	-13.94%
Free Cash Flow Per Share	-0.67	-3.76	-5.43	-11.59	-3.12
Cash Interest Paid	94.2	63.36	39.41	28.57	28.6
Cash Income Tax Paid	11.67	12.72	9.42	9.69	8.37
Levered Free Cash Flow	-122.21	-294.25	275.12	-1,698	831.1
Unlevered Free Cash Flow	-76.53	-250.83	303.62	-1,678	850.61
Change in Working Capital	-231.37	-14.77	70.49	132.19	712.05

Updated Aug 14, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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