← Youdao, Inc.
| Annual Trend | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|---|
| ASSETS | |||||||||
| Current assets: | |||||||||
| Cash and Cash Equivalents, at Carrying Value | $41.7m | $24.9m | $93.4m | $50.7m | $113.6m | $64.0m | $81.2m | $62.9m | |
| Prepaid Expense and Other Assets, Current | $44.1m | $17.4m | $36.1m | $28.6m | $30.1m | $24.7m | $21.1m | $19.9m | |
| Short-term Investments | $50.2m | $17.4m | $89.7m | $79.1m | $33.7m | $10.1m | $8.6m | $42.7m | |
| Cash and cash equivalents | $41.7m | $24.9m | $609.2m | $322.8m | $783.6m | $454.5m | $592.7m | $439.7m | |
| Accounts receivable, net | $80.6m | $28.8m | $268.8m | $248.3m | $405.1m | $354.0m | $418.6m | $381.2m | |
| Prepayment and other current assets | $44.1m | $17.4m | $235.5m | $182.6m | $207.8m | $175.7m | $154.3m | $139.1m | |
| Allowance For Doubtful Accounts Receivable | — | — | — | — | ($14.6m) | ($21.6m) | ($22.5m) | ($37.7m) | |
| Cash Cash Equivalents And Short Term Investments | — | — | — | — | $1.0b | $526.7m | $655.8m | $738.0m | |
| Gross Accounts Receivable | — | — | — | — | $419.8m | $375.7m | $441.2m | $418.9m | |
| Loans Receivable | — | — | — | — | $26.4m | $22.6m | $5.0m | $1.2m | |
| Other Current Assets | — | — | — | — | $28.5m | $26.5m | $30.0m | $30.7m | |
| Other Short Term Investments | — | — | — | — | $232.4m | $72.1m | $63.1m | $298.3m | |
| Prepaid Assets | — | — | — | — | $107.1m | $106.7m | $99.4m | $89.5m | |
| Inventory, Net | $23.8m | $10.5m | $22.8m | $40.1m | $33.7m | $30.6m | $23.9m | $20.1m | |
| Assets, Current | $595.1m | $291.6m | $283.8m | $356.2m | $271.1m | $183.1m | $203.7m | $246.3m | |
| Total current assets | $595.1m | $291.6m | $1.9b | $2.3b | $1.9b | $1.3b | $1.5b | $1.7b | |
| Long-term investments | — | $2.0m | $42.5m | $32.5m | $90.7m | $51.4m | $72.4m | $19.8m | |
| Property, Plant and Equipment, Net | $18.4m | $3.5m | $7.0m | $80.3m | $92.1m | $70.9m | $46.7m | $44.6m | |
| Goodwill | — | — | $6.9m | $17.3m | $15.9m | $15.5m | $15.1m | $15.7m | |
| Goodwill And Other Intangible Assets | — | — | — | — | $109.9m | $109.9m | $109.9m | $109.9m | |
| Operating Lease, Right-of-Use Asset | — | $3.4m | $16.2m | $18.5m | $11.4m | $12.5m | $9.4m | $6.7m | |
| Other Assets, Noncurrent | $6.2m | $1.2m | $3.8m | $3.5m | $5.1m | $6.3m | $4.1m | $4.5m | |
| Operating lease right-of-use assets, net | — | $23.9m | $105.9m | $118.1m | $78.4m | $89.0m | $68.5m | $46.9m | |
| Other assets, net | $6.2m | $1.2m | $24.7m | $22.4m | $35.0m | $45.0m | $30.1m | $31.2m | |
| Additional Financial Items | |||||||||
| Accounts Receivable, after Allowance for Credit Loss, Current | $80.6m | $28.8m | $41.2m | $39.0m | $58.7m | $49.9m | $57.4m | $54.5m | |
| Restricted cash | — | — | — | $749.8m | $873k | $395k | $3.6m | $2.0m | |
| Amounts due from NetEase Group | $11.2m | $2.1m | $4.1m | $6.2m | $7.9m | $26.1m | $79.7m | $321.4m | |
| Total non-current assets | $24.5m | $8.1m | $218.7m | $364.4m | $406.2m | $366.2m | $327.6m | $252.5m | |
| Payroll payable (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of RMB28,009 and RMB27,824 as of December 31, 2024 and 2025, respectively) | $70.0m | $13.6m | $209.6m | $277.4m | $266.3m | $282.7m | $264.5m | $294.8m | |
| Amounts due to NetEase Group (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of RMB3,959 and RMB3,352 as of December 31, 2024 and 2025, respectively) | $37.2m | $6.9m | $67.2m | $83.0m | $68.8m | $82.4m | $22.0m | $22.8m | |
| Contract liabilities (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of RMB856,003 and RMB748,455 as of December 31, 2024 and 2025, respectively) | $177.5m | $65.6m | $1.4b | $1.1b | $1.1b | $1.1b | $961.0m | $847.7m | |
| Taxes payable (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of RMB16,491 and RMB19,048 as of December 31, 2024 and 2025, respectively) | $17.4m | $3.7m | $54.9m | $53.3m | $50.9m | $52.8m | $37.6m | $43.5m | |
| Short-term loan from NetEase Group | — | — | — | — | $878.0m | $878.0m | $878.0m | $878.0m | |
| Long-term lease liabilities (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of RMB14,555 and RMB16,320 as of December 31, 2024 and 2025, respectively) | — | $21.2m | $79.7m | $73.1m | $43.6m | $49.3m | $25.6m | $18.8m | |
| Other non-current liabilities (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of RMB13,907 and RMB15,127 as of December 31, 2024 and 2025, respectively) | — | $5.5m | $4.0m | $2.4m | $8.8m | $16.3m | $18.2m | $28.8m | |
| Long-term loans from NetEase Group | — | — | — | $255.0m | $522.3m | $630.4m | $913.0m | $926.6m | |
| Ordinary shares | $58k | $72k | $74k | $80k | $80k | $80k | $80k | $80k | |
| Statutory reserves | $292k | $257k | $3.0m | $4.5m | $4.6m | $4.9m | $5.5m | $7.6m | |
| Accumulated Depreciation | — | — | — | — | ($98.9m) | ($121.9m) | ($135.0m) | ($134.0m) | |
| Assets Held For Sale Current | — | — | — | $497k | $0 | — | — | — | |
| Buildings And Improvements | — | — | — | — | $78.4m | $89.0m | $68.5m | $46.9m | |
| Capital Lease Obligations | — | — | — | — | $79.2m | $88.2m | $63.7m | $41.3m | |
| Current Accrued Expenses | — | — | — | — | $493.9m | $519.2m | $576.0m | $676.8m | |
| Current Capital Lease Obligation | — | — | — | — | $35.6m | $38.8m | $38.1m | $22.4m | |
| Current Debt | — | — | — | — | $878.0m | $878.0m | $878.0m | $878.0m | |
| Current Debt And Capital Lease Obligation | — | — | — | — | $913.6m | $916.8m | $916.1m | $900.4m | |
| Current Deferred Assets | — | — | — | — | $45.7m | $19.9m | $19.9m | $17.7m | |
| Current Deferred Liabilities | — | — | — | — | $1.1b | $1.1b | $961.0m | $847.7m | |
| Duefrom Related Parties Current | — | — | — | — | $7.9m | $26.1m | $79.7m | $321.4m | |
| Dueto Related Parties Current | — | — | — | — | $68.8m | $82.4m | $22.0m | $22.8m | |
| Gross PPE | — | — | — | — | $269.4m | $281.8m | $250.2m | $225.5m | |
| Income Tax Payable | — | — | — | — | $14.0m | $11.3m | $5.9m | $13.7m | |
| Invested Capital | — | — | — | — | ($134.7m) | ($678.4m) | ($349.0m) | ($169.5m) | |
| Investments And Advances | — | — | — | — | $90.7m | $51.4m | $72.4m | $19.8m | |
| Leases | — | — | — | — | $35.7m | $29.7m | $26.9m | $26.0m | |
| Long Term Capital Lease Obligation | — | — | — | — | $43.6m | $49.3m | $25.6m | $18.8m | |
| Machinery Furniture Equipment | — | — | — | — | $155.4m | $163.1m | $154.8m | $152.6m | |
| Net Debt | — | — | — | — | $616.7m | $1.1b | $1.2b | $1.4b | |
| Net PPE | — | — | — | — | $170.5m | $159.9m | $115.2m | $91.5m | |
| Net Tangible Assets | — | — | — | — | ($1.6b) | ($2.3b) | ($2.2b) | ($2.1b) | |
| Ordinary Shares Number | — | — | — | — | $122.7m | $119.1m | $117.5m | $118.6m | |
| Other Current Borrowings | — | — | — | — | $878.0m | $878.0m | $878.0m | $878.0m | |
| Other Equity Adjustments | — | — | — | — | ($87.4m) | ($95.7m) | ($106.0m) | ($5.8b) | |
| Other Non Current Assets | — | — | — | — | $35.0m | $45.0m | $30.1m | $31.2m | |
| Other Non Current Liabilities | — | — | — | — | $8.8m | $16.3m | $18.2m | $28.8m | |
| Other Payable | — | — | — | — | $301.8m | $316.4m | $289.1m | $333.7m | |
| Properties | — | — | — | — | $0 | $0 | $0 | $0 | |
| Share Issued | — | — | — | — | $123.9m | $124.1m | $124.1m | $124.1m | |
| Tangible Book Value | — | — | — | — | ($1.6b) | ($2.3b) | ($2.2b) | ($2.1b) | |
| Treasury Shares Number | — | — | — | — | $1.2m | $5.0m | $6.6m | $5.5m | |
| Working Capital | — | — | — | — | ($1.3b) | ($1.8b) | ($1.5b) | ($1.2b) | |
| Total non-current liabilities | — | $26.7m | $83.8m | $330.5m | $574.8m | $696.0m | $956.8m | $974.2m | |
| Total shareholders' deficit | ($1.1b) | $43.2m | ($1.4b) | ($809.0m) | ($1.5b) | ($2.2b) | ($2.1b) | ($1.9b) | |
| Total Capitalization | — | — | — | — | ($1.0b) | ($1.6b) | ($1.2b) | ($1.0b) | |
| Total Debt | — | — | — | — | $1.5b | $1.6b | $1.9b | $1.8b | |
| Total Tax Payable | — | — | — | — | $50.9m | $52.8m | $37.6m | $43.5m | |
| Assets | $619.6m | $299.7m | $317.3m | $413.3m | $330.0m | $234.7m | $248.6m | $282.4m | |
| Total assets | $619.6m | $299.7m | $2.1b | $2.6b | $2.3b | $1.7b | $1.8b | $2.0b | |
| LIABILITIES AND EQUITY | |||||||||
| Current liabilities: | |||||||||
| Operating Lease, Liability, Current | — | $4.2m | $30.0m | $46.7m | $35.6m | $38.8m | $38.1m | $22.4m | |
| Accounts Payable, Current | $34.6m | $9.0m | $21.7m | $25.3m | $40.9m | $22.4m | $19.9m | $15.7m | |
| Operating Lease, Liability, Noncurrent | — | $3.0m | $12.2m | $11.5m | $6.3m | $6.9m | $3.5m | $2.7m | |
| Accounts payables (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of RMB45,358 and RMB45,085 as of December 31, 2024 and 2025, respectively) | $34.6m | $9.0m | $141.3m | $161.0m | $282.4m | $159.0m | $145.1m | $110.0m | |
| Accrued liabilities and other payables (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of RMB210,531 and RMB331,137 as of December 31, 2024 and 2025, respectively) | $85.7m | $27.7m | $602.0m | $515.6m | $564.9m | $591.8m | $638.7m | $738.0m | |
| Current Deferred Revenue | — | — | — | — | $1.1b | $1.1b | $961.0m | $847.7m | |
| Payables And Accrued Expenses | — | — | — | — | $1.2b | $1.1b | $1.1b | $1.2b | |
| Liabilities, Current | $1.3b | $252.6m | $520.1m | $476.1m | $460.9m | $436.5m | $403.7m | $419.7m | |
| Total current liabilities | $1.3b | $252.6m | $3.4b | $3.0b | $3.2b | $3.1b | $2.9b | $2.9b | |
| Other Liabilities, Noncurrent | — | $792k | $620k | $378k | $1.3m | $2.3m | $2.5m | $4.1m | |
| Long Term Debt | — | — | — | — | $522.3m | $630.4m | $913.0m | $926.6m | |
| Long Term Debt And Capital Lease Obligation | — | — | — | — | $566.0m | $679.7m | $938.6m | $945.4m | |
| Liabilities | $1.3b | $256.5m | $532.9m | $528.0m | $544.2m | $534.6m | $534.8m | $559.0m | |
| Total liabilities | $1.3b | $1.8b | $3.5b | $3.4b | $3.8b | $3.8b | $3.9b | $3.9b | |
| Total liabilities and shareholders' deficit | $619.6m | $299.7m | $2.1b | $2.6b | $2.3b | $1.7b | $1.8b | $2.0b | |
| Stockholders’ equity: | |||||||||
| Additional Paid in Capital | $138.0m | $320.7m | $354.0m | $614.2m | $578.9m | $567.5m | $554.0m | $580.0m | |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | — | — | ($7.2m) | ($8.5m) | ($13.4m) | ($14.2m) | ($15.3m) | ($14.3m) | |
| Treasury stock (Note 13) | — | — | — | — | ($42.3m) | ($172.0m) | ($210.8m) | ($176.0m) | |
| Accumulated deficit | ($1.3b) | ($275.8m) | ($3.7b) | ($4.7b) | ($5.4b) | ($5.9b) | ($5.9b) | ($5.8b) | |
| Accumulated other comprehensive loss | — | ($14.5m) | ($47.1m) | ($54.4m) | ($92.1m) | ($100.5m) | ($111.5m) | ($99.9m) | |
| Capital Stock | — | — | — | — | $80k | $80k | $80k | $80k | |
| Gains Losses Not Affecting Retained Earnings | — | — | — | — | ($87.4m) | ($95.7m) | ($106.0m) | ($5.8b) | |
| Retained Earnings | — | — | — | — | ($5.4b) | ($5.9b) | ($5.9b) | ($176.0m) | |
| Treasury Stock | — | — | — | — | $42.3m | $172.0m | $210.8m | $99.9m | |
| Stockholders' Equity Attributable to Noncontrolling Interest | $888k | $134k | $153k | ($302k) | ($980k) | $2.8m | $6.9m | $5.7m | |
| Noncontrolling interests | $888k | $134k | $997k | ($1.9m) | ($6.8m) | $19.7m | $50.6m | $40.0m | |
| Minority Interest | — | — | — | — | $57.8m | $57.6m | $50.6m | $40.0m | |
| Total Equity Gross Minority Interest | — | — | — | — | ($1.5b) | ($2.1b) | ($2.1b) | ($1.9b) | |
| Total Non Current Liabilities Net Minority Interest | — | — | — | — | $574.8m | $696.0m | $956.8m | $974.2m | |
| Liabilities and Equity | $619.6m | $299.7m | $317.3m | $413.3m | $330.0m | $234.7m | $248.6m | $282.4m |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.