← Youdao, Inc.
| Annual Trend | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash flows from operating activities: | ||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||
| Net Income From Continuing Operations | — | — | — | — | — | ($739.8m) | ($550.1m) | $75.2m | $97.0m | |
| Net Income (Loss) Attributable to Parent | — | ($208.9m) | — | ($268.6m) | ($156.2m) | ($727.0m) | ($549.9m) | $82.2m | $107.3m | |
| Net Income (Loss) Available to Common Stockholders, Basic | — | ($239.2m) | — | ($268.6m) | ($156.2m) | ($105.4m) | ($77.5m) | $11.3m | $15.3m | |
| Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | — | ($209.3m) | — | ($268.7m) | ($161.1m) | ($108.1m) | ($77.5m) | $10.3m | $13.9m | |
| Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | — | — | — | — | ($145.3m) | ($107.3m) | ($77.5m) | $10.3m | — | |
| Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | — | — | — | — | ($15.7m) | ($885k) | — | — | — | |
| Net Income (Loss) Attributable to Noncontrolling Interest | — | ($385k) | — | ($86k) | ($4.8m) | ($2.7m) | ($26k) | ($957k) | ($1.5m) | |
| Depreciation and amortization | $3.3m | $6.4m | $1.5m | $2.5m | $4.7m | $6.1m | $4.2m | $4.0m | $3.3m | |
| Amortization of Intangible Assets | — | — | — | — | $3.0m | — | — | — | — | |
| Depreciation | $3.3m | $6.3m | $1.5m | $16.1m | $30.1m | $42.2m | $29.6m | $29.0m | $23.4m | |
| Depreciation Amortization Depletion | — | — | — | — | — | $42.2m | $29.6m | $29.0m | $23.4m | |
| Deferred Income Tax Expense (Benefit) | — | — | — | — | ($1.4m) | — | — | — | ($9.0m) | |
| Deferred Income Tax | — | — | — | — | ($9.0m) | $0 | $0 | — | — | |
| Deferred Tax | — | — | — | — | ($9.0m) | $0 | $0 | — | — | |
| Share-based Payment Arrangement, Noncash Expense | — | $6.2m | — | $6.4m | $11.3m | $10.3m | $4.3m | $3.1m | $5.0m | |
| Equity Securities without Readily Determinable Fair Value, Impairment Loss, Annual Amount | — | — | — | — | $1.1m | $1.5m | $6.2m | — | $3.7m | |
| Goodwill, Impairment Loss | — | — | — | — | $0 | $0 | $0 | $0 | $0 | |
| Impairment of Intangible Assets, Finite-lived | — | — | — | — | $8.9m | — | $0 | $0 | — | |
| Share-based compensation (Note 15) | $5.3m | $6.2m | $3.6m | $41.6m | $72.2m | $70.7m | $30.8m | $22.6m | $34.7m | |
| Impairment of long-term investments (Note 14) | — | — | — | $0 | $7.0m | $10.3m | $43.7m | $0 | $25.7m | |
| Asset Impairment Charge | — | — | — | — | — | $10.3m | $43.7m | $0 | $25.7m | |
| Gain (Loss) on Disposition of Property Plant Equipment | $70k | ($54k) | $295k | $925k | $2.1m | $1.4m | $1.4m | $659k | $2.2m | |
| Income (Loss) from Equity Method Investments | — | — | — | — | — | — | — | ($1.5m) | ($2.8m) | |
| Income Tax Expense (Benefit) | — | $11.3m | — | $449k | $1.0m | $2.0m | $1.6m | $823k | $2.4m | |
| Other Nonoperating Income (Expense) | — | $33k | — | $9.4m | $5.8m | $11.8m | ($1.6m) | $217k | ($6.7m) | |
| Operating lease right-of-use assets | — | — | $2.0m | $9.9m | $29.0m | $33.9m | $39.4m | $38.2m | $34.4m | |
| Earnings (Loss)es From Equity Investments | — | — | — | — | — | ($462k) | $3.1m | $11.2m | $19.4m | |
| Changes in operating assets and liabilities: | ||||||||||
| Additional Financial Items | ||||||||||
| Increase (Decrease) in Accounts Receivable | — | $15.5m | — | $12.3m | ($3.9m) | $23.7m | ($6.2m) | $9.4m | ($2.9m) | |
| Increase (Decrease) in Inventories | — | $22.3m | — | $11.1m | $23.0m | ($2.9m) | ($1.2m) | ($3.4m) | ($2.6m) | |
| Increase (Decrease) in Accounts Payable | — | $14.6m | — | $12.1m | $2.0m | $17.6m | ($17.4m) | ($1.9m) | ($5.0m) | |
| Foreign Currency Transaction Gain (Loss), before Tax | — | — | — | ($23.9m) | ($5.0m) | $4.1m | $3.1m | ($2.4m) | ($9.2m) | |
| Foreign Currency Transaction Gain (Loss), Unrealized | — | $31.5m | — | ($2.5m) | ($217k) | $138k | $237k | ($23k) | ($961k) | |
| Gain (Loss) on Termination of Lease | — | — | — | — | ($2.8m) | ($1.2m) | ($551k) | ($1.8m) | ($661k) | |
| General and Administrative Expense | — | $38.2m | — | $21.2m | $29.9m | $33.2m | $31.3m | $25.6m | $28.2m | |
| Goodwill | — | — | — | — | $17.3m | $15.9m | $15.5m | $15.1m | $15.7m | |
| Inventory Write-down | — | — | — | — | — | — | $914k | $2.4m | $2.2m | |
| Investment Income, Interest | — | — | — | $3.9m | $2.9m | $1.9m | $1.2m | $537k | $347k | |
| Nonoperating Income (Expense) | — | $44.6m | — | — | — | — | — | — | — | |
| Operating Expenses | — | $435.6m | — | $499.6m | $460.1m | $487.3m | $455.5m | $356.2m | $342.6m | |
| Unrealized Gain (Loss) on Investments | — | $215k | — | $134k | ($105k) | $91k | ($15k) | $160k | $210k | |
| Net (loss)/income | ($163.9m) | ($209.3m) | ($601.5m) | ($1.8b) | ($1.0b) | ($745.9m) | ($550.1m) | $75.2m | $97.0m | |
| Write-downs of inventories | — | — | — | — | $10.2m | $3.1m | $6.5m | $17.5m | $15.7m | |
| Loss from long-term investments (Note 14) | — | — | — | — | — | ($462k) | $3.1m | $11.2m | $19.4m | |
| Allowance for expected credit losses | — | $75k | $1.9m | $12.1m | ($4.5m) | $6.9m | $9.1m | $3.8m | $16.0m | |
| Unrealized exchange (gains)/losses | — | ($31.5m) | ($256k) | $16.3m | $1.4m | ($952k) | ($1.7m) | $167k | $6.7m | |
| Fair value changes of short-term investments | — | ($215k) | ($114k) | ($873k) | $668k | ($626k) | $109k | ($1.2m) | ($1.5m) | |
| Others | — | $54k | $122k | $879k | $3.0m | $6.2m | $8.5m | $5.2m | $975k | |
| Accounts receivable | ($20.1m) | ($15.5m) | ($17.5m) | ($80.1m) | $24.8m | ($163.5m) | $44.0m | ($68.5m) | $20.3m | |
| Inventories | ($1.5m) | ($22.3m) | ($7.5m) | ($72.3m) | ($146.7m) | $20.0m | $8.7m | $24.8m | $18.3m | |
| Prepayment and other current assets | ($17.3m) | ($15.0m) | ($11.0m) | ($111.5m) | $25.9m | $9.2m | $18.3m | $2.1m | $11.5m | |
| Amounts due from NetEase Group | ($6.0m) | ($2.0m) | ($530k) | $10.8m | ($2.1m) | ($1.7m) | ($18.2m) | ($53.4m) | ($244.4m) | |
| Other assets | ($1.1m) | ($2.4m) | ($1k) | ($6.7m) | ($6.3m) | ($11.9m) | $551k | $6.9m | ($786k) | |
| Contract liabilities | $55.5m | $83.0m | $40.1m | $983.7m | $115.5m | $9.3m | ($14.7m) | ($91.6m) | ($113.3m) | |
| Accounts payables | $8.8m | $14.6m | $4.0m | $78.6m | $12.5m | $121.3m | ($123.4m) | ($13.9m) | ($35.3m) | |
| Payroll payable | $10.1m | $28.4m | $3.5m | $115.1m | $85.4m | $19.5m | $16.3m | ($18.2m) | $30.3m | |
| Taxes payable | $7.7m | $8.3m | $1.2m | $28.8m | ($2.2m) | ($2.4m) | $1.5m | ($15.2m) | $5.9m | |
| Accrued liabilities and other payables | $22.2m | $27.3m | $14.2m | $410.2m | $34.3m | $75.8m | $35.9m | $57.2m | $98.3m | |
| Amounts due to NetEase Group | $9.7m | $19.0m | $599k | $17.0m | $11.6m | ($14.2m) | $13.6m | ($60.4m) | $771k | |
| Long-term lease liabilities | — | — | ($4.7m) | ($33.4m) | ($47.9m) | ($23.6m) | ($44.4m) | ($41.5m) | ($19.5m) | |
| Other non-current liabilities | — | — | $5.5m | ($1.5m) | ($1.6m) | ($1.2m) | $7.5m | $1.9m | $10.6m | |
| Placements of time deposits | ($250k) | ($661.7m) | ($218.7m) | ($20.7m) | ($897.9m) | ($273k) | ($277k) | ($282k) | — | |
| Proceeds from maturities of time deposits | — | $349.4m | $75.6m | $1.3b | $907.8m | $268k | $273k | $559k | — | |
| Loans to third parties and other related parties | — | — | — | — | — | ($36.5m) | ($31.4m) | ($13.1m) | ($1.2m) | |
| Repayment of loans from third parties and other related parties | — | — | — | — | — | $10.5m | $25.0m | $19.6m | $5.0m | |
| Payment for long-term investments | — | — | ($2.0m) | ($40.5m) | ($27.4m) | ($52.1m) | ($7.5m) | ($19.2m) | — | |
| Proceeds from long-term loans from NetEase Group | $49.3m | $44.0m | $10.9m | — | $257.5m | $225.9m | $99.3m | $488.0m | $25.1m | |
| Repurchase of ADSs | — | — | — | — | — | ($50.7m) | ($127.5m) | ($62.3m) | — | |
| Proceeds from issuance of ordinary shares pursuant to incentive plan | — | — | — | $34.5m | $27.6m | $9.4m | $9.3m | $16.9m | $20.9m | |
| Changes in accrued liabilities and other payables related to property, equipment and software addition | — | — | — | $7.1m | $5.5m | $5.7m | $2.6m | $692k | $2.9m | |
| Receivable from agent for issuance of ordinary shares pursuant to incentive plan | — | — | — | $3.1m | — | $693k | — | — | $71k | |
| Beginning Cash Position | — | — | — | — | — | $1.1b | $784.5m | $454.9m | $599.5m | |
| Cash Flow From Continuing Financing Activities | — | — | — | — | — | $184.6m | ($18.9m) | $228.5m | $45.6m | |
| Cash Flow From Continuing Investing Activities | — | — | — | — | — | $125.8m | $125.6m | ($13.6m) | ($253.4m) | |
| Cash From Discontinued Investing Activities | — | — | — | — | $4.4m | $0 | $0 | — | — | |
| Change In Account Payable | — | — | — | — | — | $121.3m | ($123.4m) | ($13.9m) | ($35.3m) | |
| Change In Accrued Expense | — | — | — | — | — | $75.8m | $35.9m | $57.2m | $98.3m | |
| Change In Income Tax Payable | — | — | — | — | — | ($2.4m) | $1.5m | ($15.2m) | $5.9m | |
| Change In Inventory | — | — | — | — | — | $20.0m | $8.7m | $24.8m | $18.3m | |
| Change In Other Current Assets | — | — | — | — | — | $22.0m | $40.0m | $45.1m | $33.6m | |
| Change In Other Current Liabilities | — | — | — | — | — | ($24.9m) | ($36.9m) | ($39.6m) | ($8.9m) | |
| Change In Other Working Capital | — | — | — | — | — | $9.3m | ($14.7m) | ($91.6m) | ($113.3m) | |
| Change In Payable | — | — | — | — | — | $124.2m | ($91.9m) | ($107.6m) | $1.7m | |
| Change In Payables And Accrued Expense | — | — | — | — | — | $200.0m | ($56.0m) | ($50.4m) | $100.0m | |
| Change In Prepaid Assets | — | — | — | — | — | $9.2m | $18.3m | $2.1m | $11.5m | |
| Change In Receivables | — | — | — | — | — | ($165.2m) | $25.8m | ($121.8m) | ($224.1m) | |
| Change In Tax Payable | — | — | — | — | — | ($2.4m) | $1.5m | ($15.2m) | $5.9m | |
| Change In Working Capital | — | — | — | — | — | $70.5m | ($14.8m) | ($231.4m) | ($183.0m) | |
| Changes In Account Receivables | — | — | — | — | — | ($163.5m) | $44.0m | ($68.5m) | $20.3m | |
| Changes In Cash | — | — | — | — | — | ($292.7m) | ($331.5m) | $147.0m | ($152.5m) | |
| End Cash Position | — | — | — | — | — | $784.5m | $454.9m | $599.5m | $444.9m | |
| Financing Cash Flow | — | — | — | — | — | $184.6m | ($18.9m) | $228.5m | $45.6m | |
| Free Cash Flow | — | — | — | — | — | ($672.9m) | ($456.0m) | ($79.7m) | $29.6m | |
| Investing Cash Flow | — | — | — | — | — | $125.8m | $125.6m | ($13.6m) | ($253.4m) | |
| Issuance Of Capital Stock | — | — | — | — | $1.5b | $0 | $0 | — | — | |
| Net Business Purchase And Sale | — | — | — | — | — | $0 | ($4.2m) | $0 | $0 | |
| Net Foreign Currency Exchange Gain Loss | — | — | — | — | — | ($952k) | ($1.7m) | $167k | $6.7m | |
| Net Intangibles Purchase And Sale | — | — | — | — | ($596k) | ($1.1m) | $0 | $0 | — | |
| Net PPE Purchase And Sale | — | — | — | — | — | ($67.2m) | ($16.5m) | ($11.1m) | ($23.4m) | |
| Operating Gains Losses | — | — | — | — | — | ($1.4m) | $1.4m | $11.3m | $26.1m | |
| Other Non Cash Items | — | — | — | — | — | $6.7m | $5.4m | $5.2m | $975k | |
| Proceeds From Stock Option Exercised | — | — | — | — | — | $9.4m | $9.3m | $16.9m | $20.9m | |
| Provisionand Write Offof Assets | — | — | — | — | — | $10.0m | $15.6m | $21.3m | $31.7m | |
| Purchase Of Business | — | — | — | — | — | $0 | ($4.2m) | $0 | $0 | |
| Purchase Of Intangibles | — | — | — | — | ($596k) | ($1.1m) | $0 | $0 | — | |
| Purchase Of PPE | — | — | — | — | — | ($68.7m) | ($17.9m) | ($11.8m) | ($25.6m) | |
| Repurchase Of Capital Stock | — | — | — | — | — | ($50.7m) | ($127.5m) | ($62.3m) | $0 | |
| Sale Of Business | — | — | — | — | $43.2m | $0 | — | — | — | |
| Sale Of PPE | — | — | — | — | — | $1.4m | $1.4m | $659k | $2.2m | |
| Stock Based Compensation | — | — | — | — | — | $70.7m | $30.8m | $22.6m | $34.7m | |
| Unrealized Gain Loss On Investment Securities | — | — | — | — | — | ($626k) | $109k | ($1.2m) | ($1.5m) | |
| Net Cash Provided by (Used in) Operating Activities | ($87.1m) | ($100.3m) | ($53.5m) | ($49.3m) | ($211.3m) | ($87.4m) | ($61.7m) | ($9.3m) | $7.9m | |
| Cash flows from investing activities: | ||||||||||
| Payments to Acquire Property, Plant, and Equipment | ($10.6m) | $13.7m | ($2.6m) | $5.6m | $10.0m | $10.0m | $2.5m | $1.6m | $3.7m | |
| Payments to Acquire Businesses, Net of Cash Acquired | — | — | — | $981k | ($6.8m) | — | $594k | — | — | |
| Cash paid for business combinations, net of cash acquired | — | — | — | ($6.4m) | $43.2m | — | ($4.2m) | — | — | |
| Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain (Loss), Net | — | — | — | — | ($385k) | — | — | — | — | |
| Purchases of short-term investments | — | ($87.0m) | ($31.0m) | ($1.7b) | ($779.5m) | ($1.3b) | ($110.0m) | ($25.0m) | ($337.0m) | |
| Net Investment Purchase And Sale | — | — | — | — | — | $220.2m | $152.7m | ($9.0m) | ($233.8m) | |
| Purchase Of Investment | — | — | — | — | — | ($1.3b) | ($117.8m) | ($44.5m) | ($337.0m) | |
| Proceeds of maturities of short-term investments | — | $37.0m | $21.0m | $1.2b | $860.0m | $1.5b | $270.2m | $35.0m | $103.2m | |
| Sale Of Investment | — | — | — | — | — | $1.5b | $270.5m | $35.5m | $103.2m | |
| Net Other Investing Changes | — | — | — | — | — | ($26.0m) | ($6.4m) | $6.5m | $3.8m | |
| Net Cash Provided by (Used in) Investing Activities | ($10.8m) | ($374.0m) | ($155.7m) | $116.6m | $7.4m | $18.2m | $17.7m | ($1.9m) | ($36.2m) | |
| Cash flows from financing activities: | ||||||||||
| Issuance Of Debt | — | — | — | — | — | $225.9m | $99.3m | $488.0m | $25.1m | |
| Long Term Debt Issuance | — | — | — | — | — | $225.9m | $99.3m | $488.0m | $25.1m | |
| Net Issuance Payments Of Debt | — | — | — | — | — | $225.9m | $99.3m | $273.9m | $25.1m | |
| Net Long Term Debt Issuance | — | — | — | — | — | $225.9m | $99.3m | $273.9m | $25.1m | |
| Long Term Debt Payments | — | — | — | — | — | $0 | $0 | ($214.0m) | $0 | |
| Repayment Of Debt | — | — | — | — | — | $0 | $0 | ($214.0m) | $0 | |
| Proceeds from Issuance of Common Stock | — | $41k | — | — | — | — | — | — | — | |
| Common Stock Issuance | — | — | — | — | $1.5b | $0 | $0 | — | — | |
| Net Common Stock Issuance | — | — | — | — | — | ($50.7m) | ($127.5m) | ($62.3m) | $0 | |
| Payments for Repurchase of Common Stock | — | — | — | — | — | $7.4m | $18.0m | $8.5m | — | |
| Common Stock Payments | — | — | — | — | — | ($50.7m) | ($127.5m) | ($62.3m) | $0 | |
| Net cash (used in)/provided by financing activities | $107.8m | $475.1m | $228.1m | $26.6m | $1.8b | $184.6m | ($18.9m) | $228.5m | $45.6m | |
| Net Cash Provided by (Used in) Financing Activities | — | $475.1m | — | $4.1m | $279.9m | $26.8m | ($2.7m) | $31.3m | $6.5m | |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | — | $1.1m | $28k | ($30.1m) | ($21.0m) | $4.6m | $2.0m | ($2.5m) | ($2.0m) | |
| Effect Of Exchange Rate Changes | — | — | — | — | — | $4.6m | $2.0m | ($2.5m) | ($2.0m) | |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | — | $1.9m | — | $66.8m | $72.7m | ($41.8m) | ($46.4m) | $19.8m | ($22.1m) | |
| Net (decrease)/increase in cash, cash equivalents and restricted cash | $9.8m | $1.9m | $18.9m | $435.9m | $463.3m | ($288.1m) | ($329.6m) | $144.6m | ($154.6m) | |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | — | $6.0m | — | $93.4m | $168.3m | $113.7m | $64.1m | $82.1m | $63.6m | |
| Cash, cash equivalents and restricted cash at the beginning of the year | $39.8m | $6.0m | $24.9m | $609.2m | $1.1b | $784.5m | $454.9m | $599.5m | $444.9m | |
| Cash and cash equivalents | — | — | — | — | — | $783.6m | $454.5m | $592.7m | $439.7m | |
| Restricted cash | — | — | — | — | — | $873k | $395k | $3.6m | $2.0m | |
| Non-current restricted cash | — | — | — | — | — | — | $0 | $3.2m | $3.2m | |
| Supplemental disclosure of cash flow information: | ||||||||||
| Change In Cash Supplemental As Reported | — | — | — | — | — | ($288.1m) | ($329.6m) | $144.6m | ($154.6m) | |
| Interest Paid, Excluding Capitalized Interest, Operating Activities | $26.8m | $28.6m | $4.3m | $4.4m | $4.5m | $5.7m | $8.9m | $12.9m | $8.9m | |
| Income Taxes Paid, Net | $3.8m | $1.7m | $695k | $1.3m | $1.5m | $1.4m | $1.8m | $1.6m | $2.5m |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.