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

Sunlands Technology Group (STG)

6-K 2024-03-22 For: 2024-03-22

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Added on April 10, 2026

About this 6-K

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

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Exhibit No.		Description

99.1		Press Release

		Sunlands Technology Group


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

SUNLANDS TECHNOLOGY GROUP UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except for share and per share data, or otherwise noted)
	As of December 31,		As of December 31,
	2022		2023
	RMB		RMB		US$
ASSETS
Current assets
Cash and cash equivalents		753,642		763,800		107,579
Restricted cash		3,762		2,578		363
Short-term investments		70,542		142,084		20,012
Prepaid expenses and other current assets		98,272		109,018		15,355
Deferred costs, current		42,886		14,274		2,010
Total current assets		969,104		1,031,754		145,319
Non-current assets
Property and equipment, net		813,783		786,670		110,800
Intangible assets, net		1,509		975		137
Right-of-use assets		274,643		135,820		19,130
Deferred costs, non-current		78,839		68,773		9,686
Long-term investments		73,513		61,354		8,642
Deferred tax assets		26,799		-		-
Other non-current assets		37,880		33,160		4,670
Total non-current assets		1,306,966		1,086,752		153,065
TOTAL ASSETS		2,276,070		2,118,506		298,384

LIABILITIES AND SHAREHOLDERS’ (DEFICIT)/EQUITY

LIABILITIES
Current liabilities
Accrued expenses and other current liabilities		436,339		409,691		57,703
Deferred revenue, current		986,086		553,812		78,003
Lease liabilities, current portion		17,065		8,019		1,129
Long-term debt, current portion		38,654		38,654		5,444
Total current liabilities		1,478,144		1,010,176		142,279

	As of December 31,			As of December 31,
	2022			2023
	RMB			RMB			US$
Non-current liabilities
Deferred revenue, non-current		704,860			560,111			78,890
Lease liabilities, non-current portion		316,844			157,269			22,151
Deferred tax liabilities		5,984			3,742			527
Other non-current liabilities		6,770			6,994			985
Long-term debt, non-current portion		143,319			104,665			14,742
Total non-current liabilities		1,177,777			832,781			117,295
TOTAL LIABILITIES		2,655,921			1,842,957			259,574

SHAREHOLDERS’ (DEFICIT)/EQUITY
Class A ordinary shares (par value of US$0.00005, 796,062,195 shares
authorized; 2,982,516 and 3,131,807 shares issued as of December 31, 2022
and 2023, respectively; 2,618,698 and 2,702,523 shares
outstanding as of December 31, 2022 and 2023, 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, 2022 and 2023, respectively)		-			-			-
Class C ordinary shares (par value of US$0.00005, 203,111,416 shares
authorized; 3,481,353 and 3,332,062 shares issued and outstanding
as of December 31, 2022 and 2023, respectively)		1			1			-
Treasury stock		-			-			-
Accumulated deficit		(2,812,114	)		(2,171,284	)		(305,819	)
Additional paid-in capital		2,309,740			2,305,042			324,658
Accumulated other comprehensive income		127,885			143,276			20,180
Total Sunlands Technology Group shareholders’ (deficit)/equity		(374,487	)		277,036			39,019
Non-controlling interest		(5,364	)		(1,487	)		(209	)
TOTAL SHAREHOLDERS’ (DEFICIT)/EQUITY		(379,851	)		275,549			38,810
TOTAL LIABILITIES AND SHAREHOLDERS’ (DEFICIT)/EQUITY		2,276,070			2,118,506			298,384

SUNLANDS TECHNOLOGY GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands, except for share and per share data, or otherwise noted)
	For the Three Months Ended December 31,
	2022			2023
		RMB			RMB		US$
Net revenues		578,588			541,724		76,300
Cost of revenues		(75,291	)		(73,751	)	(10,388	)
Gross profit		503,297			467,973		65,912

Operating expenses
Sales and marketing expenses		(272,477	)		(305,802	)	(43,071	)
Product development expenses		(7,369	)		(7,636	)	(1,076	)
General and administrative expenses		(56,129	)		(35,469	)	(4,996	)
Total operating expenses		(335,975	)		(348,907	)	(49,143	)
Income from operations		167,322			119,066		16,769
Interest income		7,040			9,347		1,316
Interest expense		(2,295	)		(1,610	)	(227	)
Other income, net		4,860			8,527		1,201
(Loss)/gain on disposal of subsidiaries		(319	)		43,468		6,122
Income before income tax expenses
and gain/(loss) from equity method investments		176,608			178,798		25,181
Income tax expenses		(3,424	)		(19,958	)	(2,811	)
Gain/(loss) from equity method investments		7,770			(3,639	)	(513	)
Net income		180,954			155,201		21,857

Less: Net loss attributable to non-controlling interest		330			-		-
Net income attributable to Sunlands Technology Group		180,624			155,201		21,857
Net income per share attributable to ordinary shareholders of
Sunlands Technology Group:
Basic and diluted		26.03			22.59		3.18
Weighted average shares used in calculating net income
per ordinary share:
Basic and diluted		6,939,213			6,870,714		6,870,714

SUNLANDS TECHNOLOGY GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands, except for share and per share data, or otherwise noted)
	For the Years Ended December 31,
	2022			2023
		RMB			RMB		US$
Net revenues		2,323,101			2,159,584		304,171
Cost of revenues		(348,150	)		(265,528	)	(37,399	)
Gross profit		1,974,951			1,894,056		266,772

Operating expenses
Sales and marketing expenses		(1,129,508	)		(1,142,154	)	(160,869	)
Product development expenses		(42,834	)		(33,723	)	(4,750	)
General and administrative expenses		(185,667	)		(143,286	)	(20,181	)
Total operating expenses		(1,358,009	)		(1,319,163	)	(185,800	)
Income from operations		616,942			574,893		80,972
Interest income		16,248			31,094		4,379
Interest expense		(10,059	)		(7,657	)	(1,078	)
Other income, net		24,527			34,097		4,802
Impairment loss on long-term investments		(500	)		(61	)	(9	)
Gain on disposal of subsidiaries		1,390			43,715		6,157
Income before income tax expenses
and gain/(loss) from equity method investments		648,548			676,081		95,223
Income tax expenses		(11,992	)		(25,166	)	(3,545	)
Gain/(loss) from equity method investments		6,453			(10,084	)	(1,420	)
Net income		643,009			640,831		90,258

Less: Net (loss)/income attributable to non-controlling interest		(950	)		1		-
Net income attributable to Sunlands Technology Group		643,959			640,830		90,258
Net income per share attributable to ordinary shareholders of
Sunlands Technology Group:
Basic and diluted		94.14			92.88		13.08
Weighted average shares used in calculating net income
per ordinary share:
Basic and diluted		6,840,079			6,899,456		6,899,456

	For the Three Months Ended December 31,
	2022			2023
	RMB			RMB
Net revenues		578,588			541,724
Less: other revenues		(39,344	)		(47,982	)
Add: tax and surcharges		10,823			17,657
Add: ending deferred revenue		1,690,946			1,113,923
Add: deferred revenue in connection with disposal of subsidiaries		259			23,220
Add: ending refund liability		133,066			143,744
Less: beginning deferred revenue		(1,798,558	)		(1,277,040	)
Less: beginning refund liability		(204,961	)		(101,591	)
Less: beginning refund liability in connection with disposal of subsidiaries		-			1,820
Gross billings (non-GAAP)		370,819			415,475



Net income		180,954			155,201
Add: income tax expenses		3,424			19,958
depreciation and amortization		18,584			7,717
interest expense		2,295			1,610
Less: interest income		(7,040	)		(9,347	)
EBITDA (non-GAAP)		198,217			175,139

	For the Years Ended December 31,
	2022			2023
	RMB			RMB
Net revenues		2,323,101			2,159,584
Less: other revenues		(125,864	)		(176,014	)
Add: tax and surcharges		66,638			62,352
Add: ending deferred revenue		1,690,946			1,113,923
Add: deferred revenue in connection with disposal of subsidiaries		259			23,220
Add: ending refund liability		133,066			143,744
Less: beginning deferred revenue		(2,348,179	)		(1,690,946	)
Less: beginning refund liability		(243,236	)		(133,066	)
Less: beginning refund liability in connection with disposal of subsidiaries		-			1,820
Gross billings (non-GAAP)		1,496,731			1,504,617



Net income		643,009			640,831
Add: income tax expenses		11,992			25,166
depreciation and amortization		46,684			30,648
interest expense		10,059			7,657
Less: interest income		(16,248	)		(31,094	)
EBITDA (non-GAAP)		695,496			673,208