Sunlands Technology Group 6-K, filed Nov 22, 2024

Sunlands Technology Group (STG)

6-K 2024-11-22 For: 2024-11-22

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Added on April 10, 2026

About this 6-K

Sunlands Technology Group filed this 6-K on November 22, 2024.

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Exhibit No.		Description

99.1		Press Release

		Sunlands Technology Group


Date:	November 22, 2024	By:	/s/ Tongbo Liu
			Name:	Tongbo Liu
			Title:	Chief Executive Officer

	As of December 31,		As of September 30,
	2023		2024		2024
	RMB		RMB		US$
ASSETS
Current assets
Cash and cash equivalents		763,800		535,887		76,363
Restricted cash		2,578		16		2
Short-term investments		142,084		257,939		36,756
Prepaid expenses and other current assets		109,018		106,462		15,171
Deferred costs, current		14,274		4,798		684
Total current assets		1,031,754		905,102		128,976

Non-current assets
Property and equipment, net		786,670		765,366		109,064
Intangible assets, net		975		854		122
Right-of-use assets		135,820		111,787		15,930
Deferred costs, non-current		68,773		61,091		8,705
Long-term investments		61,354		48,944		6,974
Deferred tax assets		-		23,397		3,334
Other non-current assets		33,160		237,427		33,833
Total non-current assets		1,086,752		1,248,866		177,962
TOTAL ASSETS		2,118,506		2,153,968		306,938

	As of December 31,			As of September 30,
	2023			2024			2024
	RMB			RMB			US$
LIABILITIES AND SHAREHOLDERS' EQUITY

LIABILITIES
Current liabilities
Accrued expenses and other current liabilities		409,691			420,751			59,957
Deferred revenue, current		553,812			359,900			51,285
Lease liabilities, current portion		8,019			8,355			1,191
Long-term debt, current portion		38,654			38,654			5,508
Total current liabilities		1,010,176			827,660			117,941

Non-current liabilities
Deferred revenue, non-current		560,111			560,693			79,898
Lease liabilities, non-current portion		157,269			134,811			19,210
Deferred tax liabilities		3,742			2,678			382
Other non-current liabilities		6,994			7,937			1,131
Long-term debt		104,665			75,674			10,783
Total non-current liabilities		832,781			781,793			111,404
TOTAL LIABILITIES		1,842,957			1,609,453			229,345

SHAREHOLDERS’ EQUITY
Class A ordinary shares (par value of US$0.00005, 796,062,195 shares
authorized; 3,131,807 and 3,131,807 shares issued as of December 31, 2023
and September 30, 2024, respectively; 2,702,523 and 2,625,41 shares
outstanding as of December 31, 2023 and September 30, 2024, respectively)		1			1			-
Class B ordinary shares (par value of US$0.00005, 826,389 shares
authorized; 826,389 and 826,389 shares issued and outstanding
as of December 31, 2023 and September 30, 2024, respectively)		-			-			-
Class C ordinary shares (par value of US$0.00005, 203,111,416 shares
authorized; 3,332,062 and 3,332,062 shares issued and outstanding
as of December 31, 2023 and September 30, 2024, respectively)		1			1			-
Treasury stock		-			-			-
Accumulated deficit		(2,171,284	)		(1,887,008	)		(268,896	)
Additional paid-in capital		2,305,042			2,297,007			327,321
Accumulated other comprehensive income		143,276			136,001			19,380
Total Sunlands Technology Group shareholders’ equity		277,036			546,002			77,805
Non-controlling interest		(1,487	)		(1,487	)		(212	)
TOTAL SHAREHOLDERS’ EQUITY		275,549			544,515			77,593
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		2,118,506			2,153,968			306,938

	For the Three Months Ended September 30,
	2023			2024			2024
	RMB			RMB			US$
Net revenues		524,631			491,264			70,005
Cost of revenues		(64,131	)		(82,093	)		(11,698	)
Gross profit		460,500			409,171			58,307

Operating expenses
Sales and marketing expenses		(294,969	)		(303,047	)		(43,184	)
Product development expenses		(8,415	)		(5,849	)		(833	)
General and administrative expenses		(35,092	)		(34,472	)		(4,912	)
Total operating expenses		(338,476	)		(343,368	)		(48,929	)
Income from operations		122,024			65,803			9,378
Interest income		7,625			7,810			1,113
Interest expense		(1,877	)		(1,415	)		(202	)
Other income, net		8,601			10,443			1,488
Impairment loss on long-term investments		(61	)		-			-
Loss on disposal of subsidiaries		-			(588	)		(84	)
Income before income tax benefit
and (loss)/gain from equity method investments		136,312			82,053			11,693
Income tax benefit		1,119			6,506			927
(Loss)/gain from equity method investments		(5,791	)		730			104
Net income		131,640			89,289			12,724

Less: net income attributable to non-controlling interest		-			-			-
Net income attributable to Sunlands Technology Group		131,640			89,289			12,724
Net income per share attributable to ordinary shareholders of
Sunlands Technology Group:
Basic and diluted		19.13			13.08			1.86
Weighted average shares used in calculating net income
per ordinary share:
Basic and diluted		6,880,188			6,828,784			6,828,784

	For the Nine Months Ended September 30,
	2023			2024			2024
	RMB			RMB			US$
Net revenues		1,617,860			1,506,727			214,707
Cost of revenues		(191,777	)		(235,883	)		(33,613	)
Gross profit		1,426,083			1,270,844			181,094

Operating expenses
Sales and marketing expenses		(836,352	)		(902,065	)		(128,543	)
Product development expenses		(26,087	)		(20,516	)		(2,924	)
General and administrative expenses		(107,817	)		(100,853	)		(14,371	)
Total operating expenses		(970,256	)		(1,023,434	)		(145,838	)
Income from operations		455,827			247,410			35,256
Interest income		21,747			27,675			3,944
Interest expense		(6,047	)		(4,535	)		(646	)
Other income, net		25,570			19,238			2,741
Impairment loss on long-term investments		(61	)		-			-
Gain/(loss) on disposal of subsidiaries		247			(838	)		(119	)
Income before income tax (expenses)/benefit
and loss from equity method investments		497,283			288,950			41,176
Income tax (expenses)/benefit		(5,208	)		6,975			994
Loss from equity method investments		(6,445	)		(11,649	)		(1,660	)
Net income		485,630			284,276			40,510

Less: net income attributable to non-controlling interest		1			-			-
Net income attributable to Sunlands Technology Group		485,629			284,276			40,510
Net income per share attributable to ordinary shareholders of
Sunlands Technology Group:
Basic and diluted		70.29			41.52			5.92
Weighted average shares used in calculating net income
per ordinary share:
Basic and diluted		6,909,141			6,846,146			6,846,146

	For the Three Months Ended September 30,
	2023			2024
	RMB			RMB
Net revenues		524,631			491,264
Less: other revenues		(43,808	)		(84,838	)
Add: tax and surcharges		16,921			23,931
Add: ending deferred revenue		1,277,040			920,593
Add: deferred revenue in connection with disposal of subsidiaries		-			3,423
Add: ending refund liability		101,591			119,618
Less: beginning deferred revenue		(1,379,073	)		(986,938	)
Less: beginning refund liability		(107,319	)		(126,797	)
Gross billings (non-GAAP)		389,983			360,256

Net income		131,640			89,289
Add: income tax benefit		(1,119	)		(6,506	)
Add: depreciation and amortization		7,664			7,355
Add: interest expense		1,877			1,415
Less: interest income		(7,625	)		(7,810	)
EBITDA (non-GAAP)		132,437			83,743

	For the Nine Months Ended September 30,
	2023			2024
	RMB			RMB
Net revenues		1,617,860			1,506,727
Less: other revenues		(128,032	)		(205,806	)
Add: tax and surcharges		44,695			56,040
Add: ending deferred revenue		1,277,040			920,593
Add: deferred revenue in connection with disposal of subsidiaries		-			3,423
Add: ending refund liability		101,591			119,618
Less: beginning deferred revenue		(1,690,946	)		(1,113,923	)
Less: beginning refund liability		(133,066	)		(143,744	)
Gross billings (non-GAAP)		1,089,142			1,142,928

Net income		485,630			284,276
Add: income tax expenses/(benefit)		5,208			(6,975	)
Add:depreciation and amortization		22,931			22,148
Add:interest expense		6,047			4,535
Less: interest income		(21,747	)		(27,675	)
EBITDA (non-GAAP)		498,069			276,309