Sunlands Technology Group 6-K, filed Nov 22, 2023

Sunlands Technology Group (STG)

6-K 2023-11-22 For: 2023-11-22

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Added on April 10, 2026

About this 6-K

Sunlands Technology Group filed this 6-K on November 22, 2023.

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Exhibit No.		Description

99.1		Press Release

		Sunlands Technology Group


Date:	November 22, 2023	By:	/s/ Tongbo Liu
			Name:	Tongbo Liu
			Title:	Chief Executive Officer

	As of December 31,		As of September 30,
	2022		2023
	RMB		RMB		US$
ASSETS
Current assets
Cash and cash equivalents		753,642		748,518		102,593
Restricted cash		3,762		3,240		444
Short-term investments		70,542		122,282		16,760
Prepaid expenses and other current assets		98,272		103,725		14,217
Deferred costs, current		42,886		18,399		2,522
Total current assets		969,104		996,164		136,536
Non-current assets
Property and equipment, net		813,783		793,796		108,799
Intangible assets, net		1,509		1,430		196
Right-of-use assets		274,643		137,710		18,875
Deferred costs, non-current		78,839		70,010		9,596
Long-term investments		73,513		63,986		8,770
Deferred tax assets		26,799		20,036		2,746
Other non-current assets		37,880		33,191		4,549
Total non-current assets		1,306,966		1,120,159		153,531
TOTAL ASSETS		2,276,070		2,116,323		290,067

LIABILITIES AND SHAREHOLDERS’ (DEFICIT)/EQUITY

LIABILITIES
Current liabilities
Accrued expenses and other current liabilities		436,339		380,092		52,096
Deferred revenue, current		986,086		646,228		88,573
Lease liabilities, current portion		17,065		7,667		1,051
Long-term debt, current portion		38,654		38,654		5,298
Total current liabilities		1,478,144		1,072,641		147,018

	As of December 31,			As of September 30,
	2022			2023
	RMB			RMB			US$
Non-current liabilities
Deferred revenue, non-current		704,860			630,812			86,460
Lease liabilities, non-current portion		316,844			154,831			21,221
Deferred tax liabilities		5,984			4,098			562
Other non-current liabilities		6,770			6,975			956
Long-term debt, non-current portion		143,319			114,328			15,670
Total non-current liabilities		1,177,777			911,044			124,869
TOTAL LIABILITIES		2,655,921			1,983,685			271,887

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 September 30, 2023, respectively; 2,618,698 and 2,715,615 shares
outstanding as of December 31, 2022 and September 30, 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 September 30, 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 September 30, 2023, respectively)		1			1			-
Treasury stock		-			-			-
Accumulated deficit		(2,812,114	)		(2,326,485	)		(318,871	)
Additional paid-in capital		2,309,740			2,306,485			316,130
Accumulated other comprehensive income		127,885			158,519			21,727
Total Sunlands Technology Group shareholders’ (deficit)/equity		(374,487	)		138,521			18,986
Non-controlling interest		(5,364	)		(5,883	)		(806	)
TOTAL SHAREHOLDERS’ (DEFICIT)/EQUITY		(379,851	)		132,638			18,180
TOTAL LIABILITIES AND SHAREHOLDERS’ (DEFICIT)/EQUITY		2,276,070			2,116,323			290,067

	For the Three Months Ended September 30,
	2022			2023
	RMB			RMB			US$
Net revenues		576,208			524,631			71,907
Cost of revenues		(84,902	)		(64,131	)		(8,790	)
Gross profit		491,306			460,500			63,117

Operating expenses
Sales and marketing expenses		(269,056	)		(294,969	)		(40,429	)
Product development expenses		(11,532	)		(8,415	)		(1,153	)
General and administrative expenses		(44,443	)		(35,092	)		(4,810	)
Total operating expenses		(325,031	)		(338,476	)		(46,392	)
Income from operations		166,275			122,024			16,725
Interest income		2,200			7,625			1,045
Interest expense		(2,487	)		(1,877	)		(257	)
Other income, net		5,325			8,601			1,179
Impairment loss on long-term investments		-			(61	)		(8	)
Gain on disposal of subsidiaries		1,709			-			-
Income before income tax (expenses)/benefit
and loss from equity method investments		173,022			136,312			18,684
Income tax (expenses)/benefit		(4,225	)		1,119			153
Loss from equity method investments		(713	)		(5,791	)		(794	)
Net income		168,084			131,640			18,043

Less: Net loss attributable to non-controlling interest		(1	)		-			-
Net income attributable to Sunlands Technology Group		168,085			131,640			18,043
Net income per share attributable to ordinary shareholders of
Sunlands Technology Group:
Basic and diluted		24.08			19.13			2.62
Weighted average shares used in calculating net income
per ordinary share:
Basic and diluted		6,981,447			6,880,188			6,880,188

	For the Nine Months Ended September 30,
	2022			2023
	RMB			RMB			US$
Net revenues		1,744,513			1,617,860			221,746
Cost of revenues		(272,859	)		(191,777	)		(26,285	)
Gross profit		1,471,654			1,426,083			195,461

Operating expenses
Sales and marketing expenses		(857,031	)		(836,352	)		(114,632	)
Product development expenses		(35,465	)		(26,087	)		(3,576	)
General and administrative expenses		(129,538	)		(107,817	)		(14,778	)
Total operating expenses		(1,022,034	)		(970,256	)		(132,986	)
Income from operations		449,620			455,827			62,475
Interest income		9,208			21,747			2,981
Interest expense		(7,764	)		(6,047	)		(829	)
Other income, net		19,667			25,570			3,505
Impairment loss on long-term investments		(500	)		(61	)		(8	)
Gain on disposal of subsidiaries		1,709			247			34
Income before income tax expenses
and loss from equity method investments		471,940			497,283			68,158
Income tax expenses		(8,568	)		(5,208	)		(714	)
Loss from equity method investments		(1,317	)		(6,445	)		(883	)
Net income		462,055			485,630			66,561

Less: Net (loss)/income attributable to non-controlling interest		(1,280	)		1			-
Net income attributable to Sunlands Technology Group		463,335			485,629			66,561
Net income per share attributable to ordinary shareholders of
Sunlands Technology Group:
Basic and diluted		68.07			70.29			9.63
Weighted average shares used in calculating net income
per ordinary share:
Basic and diluted		6,806,672			6,909,141			6,909,141

	For the Three Months Ended September 30,
	2022			2023
	RMB			RMB
Net revenues		576,208			524,631
Less: other revenues		(28,525	)		(43,808	)
Add: tax and surcharges		11,394			16,921
Add: ending deferred revenue		1,798,558			1,277,040
Add: ending refund liability		204,961			101,591
Less: beginning deferred revenue		(1,998,062	)		(1,379,073	)
Less: beginning refund liability		(199,028	)		(107,319	)
Gross billings (non-GAAP)		365,506			389,983



Net income		168,084			131,640
Add: income tax expenses/(benefit)		4,225			(1,119	)
depreciation and amortization		8,939			7,664
interest expense		2,487			1,877
Less: interest income		(2,200	)		(7,625	)
EBITDA (non-GAAP)		181,535			132,437

	For the Nine Months Ended September 30,
	2022			2023
	RMB			RMB
Net revenues		1,744,513			1,617,860
Less: other revenues		(86,520	)		(128,032	)
Add: tax and surcharges		55,815			44,695
Add: ending deferred revenue		1,798,558			1,277,040
Add: ending refund liability		204,961			101,591
Less: beginning deferred revenue		(2,348,179	)		(1,690,946	)
Less: beginning refund liability		(243,236	)		(133,066	)
Gross billings (non-GAAP)		1,125,912			1,089,142



Net income		462,055			485,630
Add: income tax expenses		8,568			5,208
depreciation and amortization		28,100			22,931
interest expense		7,764			6,047
Less: interest income		(9,208	)		(21,747	)
EBITDA (non-GAAP)		497,279			498,069