← 17 Education & Technology Group Inc.
| Annual Trend | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and Cash Equivalents, at Carrying Value | $653.9m | $434.5m | $185.3m | $102.6m | $43.2m | $32.1m | $35.2m | |
| Prepaid Expense and Other Assets, Current | $66.3m | $32.4m | $25.4m | $20.4m | $13.4m | $11.3m | $14.5m | |
| Short-term Investments | — | — | — | — | $23.9m | $17.1m | $22.9m | |
| Cash and cash equivalents | $653.9m | $2.8b | $1.2b | $707.9m | $306.9m | $234.1m | $246.4m | |
| Accounts receivable, net of allowances of RMB21,082 and RMB20,402 as of December 31, 2024 and 2025, respectively | — | — | — | $34.8m | $59.2m | $67.1m | $42.6m | |
| Prepaid expenses and other current assets, net of allowances of RMB5,919 and RMB5,794 as of December 31, 2024 and 2025, respectively | $66.3m | $211.4m | $161.8m | $140.9m | $94.8m | $82.5m | $101.1m | |
| Accounts Receivable | — | — | — | $34.8m | $59.2m | $67.1m | $42.6m | |
| Accrued Interest Receivable | — | — | — | $102k | $2.7m | $676k | $1.3m | |
| Allowance For Doubtful Accounts Receivable | — | — | — | ($1.6m) | ($8.4m) | ($21.1m) | ($20.4m) | |
| Cash Cash Equivalents And Short Term Investments | — | — | — | $727.4m | $476.7m | $359.3m | $406.9m | |
| Gross Accounts Receivable | — | — | — | $36.4m | $67.6m | $88.2m | $63.0m | |
| Non Current Prepaid Assets | — | — | — | $2.9m | $1.5m | $2.2m | $2.2m | |
| Other Current Assets | — | — | — | $5.2m | $4.4m | $4.2m | $2.9m | |
| Other Receivables | — | — | — | $17.2m | $4.1m | $5.7m | $9.9m | |
| Other Short Term Investments | — | — | — | $19.5m | $169.8m | $125.1m | $160.5m | |
| Prepaid Assets | — | — | — | $118.5m | $89.9m | $77.8m | $77.2m | |
| Receivables Adjustments Allowances | — | — | — | ($95k) | ($6.3m) | ($5.9m) | ($5.8m) | |
| Inventory, Net | — | — | — | — | — | — | $15.7m | |
| Assets, Current | $757.6m | $466.9m | $210.7m | $132.4m | $88.8m | $69.7m | $78.7m | |
| Total current assets | $757.6m | $3.0b | $1.3b | $913.4m | $630.7m | $508.9m | $550.7m | |
| Property, Plant and Equipment, Net | $65.2m | $16.1m | $11.0m | $4.7m | $4.5m | $3.6m | $3.2m | |
| Operating Lease, Right-of-Use Asset | $78.6m | $30.7m | $24.2m | $4.4m | $2.8m | $1.6m | $2.1m | |
| Other Assets, Noncurrent | $16.9m | $5.8m | $2.2m | $696k | $251k | $333k | $341k | |
| Right-of-use assets | $78.6m | $200.2m | $154.0m | $30.1m | $20.0m | $11.8m | $15.0m | |
| Additional Financial Items | ||||||||
| Accounts Receivable, after Allowance for Credit Loss, Current | — | — | — | $5.0m | $8.3m | $9.2m | $6.1m | |
| Restricted cash | $34.8m | $170k | — | $10.2m | $0 | $49k | $49k | |
| Term deposits | — | — | — | — | $169.8m | $125.1m | $160.5m | |
| Other non-current assets | $16.9m | $37.8m | $13.9m | $4.8m | $1.8m | $2.4m | $2.4m | |
| Operating lease liabilities, non-current (including operating lease liabilities, non-current of the consolidated VIEs without recourse to the Group of RMB3,171 and RMB6,319 as of December 31, 2024 and 2025, respectively) | $21.3m | $118.1m | $100.3m | $7.5m | $9.7m | $4.3m | $9.7m | |
| Accrued expenses and other current liabilities (including accrued expenses and other current liabilities of the consolidated VIEs without recourse to the Group of RMB20,176 and RMB39,022 as of December 31, 2024 and 2025, respectively) | $309.0m | $539.8m | $392.3m | $153.0m | $128.0m | $104.4m | $123.3m | |
| Deferred revenue and customer advances (including deferred revenue and customer advances of the consolidated VIEs without recourse to the Group of RMB40,198 and RMB165,798 as of December 31, 2024 and 2025, respectively) | $243.5m | $596.3m | $243.9m | $42.4m | $44.9m | $40.4m | $165.9m | |
| Operating lease liabilities, current (including operating lease liabilities, current of the consolidated VIEs without recourse to the Group of RMB4,758 and RMB3,759 as of December 31, 2024 and 2025, respectively) | $43.2m | $69.4m | $46.9m | $18.7m | $7.6m | $6.8m | $5.0m | |
| Ordinary shares | $37k | $313k | $331k | $338k | $343k | $322k | $396k | |
| Accumulated Depreciation | — | — | — | ($106.0m) | ($87.0m) | ($81.1m) | ($90.9m) | |
| Capital Lease Obligations | — | — | — | $26.3m | $17.3m | $11.1m | $14.7m | |
| Construction In Progress | — | — | $7.9m | $1.6m | $21k | $0 | — | |
| Current Accrued Expenses | — | — | — | $39.7m | $16.4m | $11.9m | $12.7m | |
| Current Capital Lease Obligation | — | — | — | $18.7m | $7.6m | $6.8m | $5.0m | |
| Current Debt And Capital Lease Obligation | — | — | — | $18.7m | $7.6m | $6.8m | $5.0m | |
| Current Deferred Liabilities | — | — | — | $42.4m | $44.9m | $40.4m | $165.9m | |
| Gross PPE | — | — | — | $170.0m | $139.1m | $119.3m | $128.3m | |
| Invested Capital | — | — | — | $758.9m | $494.3m | $393.6m | $286.6m | |
| Leases | — | — | — | $13.9m | $11.6m | $6.3m | $18.7m | |
| Long Term Capital Lease Obligation | — | — | — | $7.5m | $9.7m | $4.3m | $9.7m | |
| Machinery Furniture Equipment | — | — | — | $22.4m | $20.5m | $20.4m | $7.9m | |
| Net PPE | — | — | — | $64.0m | $52.0m | $38.2m | $37.5m | |
| Net Tangible Assets | — | — | — | $758.9m | $494.3m | $393.6m | $286.6m | |
| Ordinary Shares Number | — | — | — | $487.4m | $387.4m | $396.2m | $483.8m | |
| Other Current Liabilities | — | — | — | $389k | $225k | $211k | $10.9m | |
| Other Equity Adjustments | — | — | — | $62.7m | $77.4m | $86.4m | $77.5m | |
| Other Payable | — | — | — | $110.9m | $110.2m | $90.9m | $98.7m | |
| Other Properties | — | — | — | $132.0m | $106.9m | $92.6m | $101.7m | |
| Payables | — | — | — | $112.9m | $111.3m | $92.3m | $99.7m | |
| Properties | — | — | — | $0 | $0 | $0 | $0 | |
| Share Issued | — | — | — | $487.4m | $523.7m | $444.3m | $542.2m | |
| Tangible Book Value | — | — | — | $758.9m | $494.3m | $393.6m | $286.6m | |
| Treasury Shares Number | — | — | — | — | $136.3m | $48.1m | $58.5m | |
| Working Capital | — | — | — | $699.2m | $450.1m | $357.3m | $256.5m | |
| TOTAL SHAREHOLDERS' EQUITY | ($4.5b) | $2.1b | $797.0m | $758.9m | $494.3m | $393.6m | $286.6m | |
| Total Capitalization | — | — | — | $758.9m | $494.3m | $393.6m | $286.6m | |
| Total Debt | — | — | — | $26.3m | $17.3m | $11.1m | $14.7m | |
| Total Non Current Assets | — | — | — | $67.1m | $53.8m | $40.6m | $39.8m | |
| Total Tax Payable | — | — | — | $2.0m | $1.2m | $1.4m | $975k | |
| Assets | $918.3m | $519.5m | $248.0m | $142.2m | $96.4m | $75.3m | $84.4m | |
| TOTAL ASSETS | $918.3m | $3.4b | $1.6b | $980.5m | $684.5m | $549.5m | $590.5m | |
| LIABILITIES AND EQUITY | ||||||||
| Current liabilities: | ||||||||
| Operating Lease, Liability, Current | $43.2m | $10.6m | $7.4m | $2.7m | $1.1m | $931k | $714k | |
| Operating Lease, Liability, Noncurrent | $21.3m | $18.1m | $15.7m | $1.1m | $1.4m | $584k | $1.4m | |
| Payables And Accrued Expenses | — | — | — | $152.6m | $127.8m | $104.2m | $112.4m | |
| Liabilities, Current | $680.7m | $184.8m | $107.2m | $31.0m | $25.4m | $20.8m | $42.1m | |
| Total current liabilities | $680.7m | $1.2b | $683.1m | $214.1m | $180.6m | $151.6m | $294.2m | |
| Long Term Debt And Capital Lease Obligation | — | — | — | $7.5m | $9.7m | $4.3m | $9.7m | |
| Liabilities | $702.6m | $203.2m | $122.9m | $32.1m | $26.8m | $21.4m | $43.5m | |
| TOTAL LIABILITIES | $702.6m | $1.3b | $783.4m | $221.7m | $190.3m | $155.9m | $303.9m | |
| Stockholders’ equity: | ||||||||
| Common Stock, Value, Issued | $37k | — | — | — | — | — | — | |
| Additional Paid in Capital | — | $1.6b | $1.7b | $1.6b | $1.5b | $1.5b | $1.6b | |
| Retained Earnings (Accumulated Deficit) | ($4.6b) | ($1.3b) | ($1.6b) | ($1.5b) | ($1.5b) | ($1.5b) | ($1.6b) | |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | $88.2m | $7.6m | $2.9m | $9.1m | $10.9m | $11.8m | $11.1m | |
| Treasury stock | — | — | — | ($21k) | ($97k) | ($34k) | ($42k) | |
| Accumulated other comprehensive income | $88.2m | $49.6m | $18.7m | $62.7m | $77.4m | $86.4m | $77.5m | |
| Accumulated deficit | ($4.6b) | ($8.6b) | ($10.1b) | ($10.3b) | ($10.6b) | ($10.8b) | ($10.9b) | |
| Capital Stock | — | — | — | $338k | $343k | $322k | $396k | |
| Gains Losses Not Affecting Retained Earnings | — | — | — | $62.7m | $77.4m | $86.4m | $77.5m | |
| Stockholders' Equity Attributable to Parent | ($4.5b) | $316.3m | $125.1m | $110.0m | $69.6m | $53.9m | $41.0m | |
| Total Equity Gross Minority Interest | — | — | — | $758.9m | $494.3m | $393.6m | $286.6m | |
| Total Non Current Liabilities Net Minority Interest | — | — | — | $7.5m | $9.7m | $4.3m | $9.7m | |
| Liabilities and Equity | $918.3m | $519.5m | $248.0m | $142.2m | $96.4m | $75.3m | $84.4m | |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $918.3m | $3.4b | $1.6b | $980.5m | $684.5m | $549.5m | $590.5m |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.