← 17 Education & Technology Group Inc.
| Annual Trend | 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 | — | — | — | — | ($177.9m) | ($311.8m) | ($192.9m) | ($154.4m) | |
| Net Income (Loss) Attributable to Parent | — | ($963.8m) | ($205.3m) | ($226.3m) | ($25.8m) | ($43.9m) | ($26.4m) | ($22.1m) | |
| Net Income (Loss) Available to Common Stockholders, Basic | — | ($1.6b) | ($640.3m) | ($226.3m) | ($25.8m) | ($43.9m) | ($26.4m) | ($22.1m) | |
| Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | — | ($963.8m) | ($205.3m) | ($226.3m) | ($25.8m) | ($43.9m) | ($26.4m) | ($22.1m) | |
| Depreciation | — | $22.7m | $6.1m | $10.2m | $3.6m | $2.3m | $1.7m | $1.4m | |
| Depreciation of property and equipment | $15.8m | $22.7m | $39.7m | $64.8m | $24.7m | $16.2m | $12.3m | $10.0m | |
| Depreciation Amortization Depletion | — | — | — | — | $24.7m | $16.2m | $12.3m | $10.0m | |
| Share-based Payment Arrangement, Noncash Expense | — | $93.1m | $54.6m | $30.6m | $18.8m | $11.8m | $8.5m | $4.4m | |
| Share-based Payment Arrangement, Expense | — | $46.1m | $134.0m | $101.3m | $58.9m | $41.8m | $35.7m | $27.2m | |
| Operating Lease, Impairment Loss | — | — | — | $13.6m | — | — | — | — | |
| Share-based compensation | $123.5m | $93.1m | $356.0m | $195.2m | $129.6m | $83.7m | $61.9m | $30.8m | |
| Asset Impairment Charge | — | — | — | — | $3.6m | $5.8m | $0 | $0 | |
| Gain (Loss) on Disposition of Property Plant Equipment | — | — | — | $11.8m | ($556k) | ($48k) | ($123k) | ($4k) | |
| Income Tax Expense (Benefit) | — | — | — | — | $0 | $0 | $0 | $0 | |
| Operating lease right-of-use assets | ($35.8m) | ($63.8m) | ($184.5m) | ($68.3m) | $89.7m | ($6.8m) | ($1.4m) | $0 | |
| Operating lease liabilities | $7.9m | $20.4m | $123.1m | ($40.3m) | ($121.0m) | ($8.9m) | ($6.2m) | ($5.4m) | |
| (Decrease) Increase of right-of-use assets and operating lease liabilities due to lease modifications | — | — | — | ($157.4m) | ($58.4m) | $982k | $832k | $9.0m | |
| Reduction of right-of-use assets and operating lease liabilities due to lease modifications | — | — | — | $157.4m | $58.4m | — | — | — | |
| Changes in operating assets and liabilities: | |||||||||
| Additional Financial Items | |||||||||
| Increase (Decrease) in Accounts Receivable | — | — | — | — | $5.3m | $4.4m | $2.8m | ($3.6m) | |
| Foreign Currency Transaction Gain (Loss), before Tax | — | $12.9m | ($2.4m) | $365k | $23k | ($113k) | $31k | ($26k) | |
| Foreign Currency Transaction Gain (Loss), Unrealized | — | $291k | $6k | $5k | ($8k) | ($2k) | $70k | $0 | |
| General and Administrative Expense | — | $157.8m | $64.4m | $69.9m | $32.0m | $21.7m | $18.5m | $10.7m | |
| Investment Income, Interest | — | $23.8m | $1.3m | $3.9m | $1.6m | $3.9m | $2.2m | $1.2m | |
| Operating Expenses | — | $1.2b | $326.9m | $436.2m | $77.7m | $59.6m | $38.8m | $30.6m | |
| Proceeds from Stock Options Exercised | — | — | $30k | $1.6m | $13k | $5k | $2k | $11k | |
| Net loss | ($656.1m) | ($963.8m) | ($1.3b) | ($1.4b) | ($177.9m) | ($311.8m) | ($192.9m) | ($154.4m) | |
| Foreign currency remeasurement loss (gain) | ($3.9m) | ($291k) | ($38k) | ($32k) | $55k | $2k | ($508k) | $1k | |
| Noncash lease expenses | $21.2m | $41.8m | $63.0m | $100.8m | $34.2m | $16.8m | $9.7m | $5.8m | |
| Expected credit loss | — | — | — | — | $1.7m | $13.0m | $12.3m | ($805k) | |
| Accounts receivable | — | — | — | — | ($36.4m) | ($31.2m) | ($20.6m) | $25.2m | |
| Prepaid expenses and other current assets | ($24.7m) | ($28.2m) | ($145.1m) | $31.6m | $15.7m | $30.6m | $13.6m | ($18.3m) | |
| Other non-current assets | ($3.5m) | ($4.2m) | ($2.8m) | $11.9m | $2.9m | $1.4m | ($648k) | $43k | |
| Accrued expenses and other current liabilities | $112.7m | $82.7m | $213.4m | ($127.4m) | ($233.1m) | ($23.7m) | ($23.0m) | $18.9m | |
| Deferred revenue and customer advances | $24.0m | $168.3m | $354.1m | ($354.4m) | ($201.5m) | $2.6m | ($4.6m) | $125.5m | |
| Purchase of term deposits | — | — | — | — | — | ($169.8m) | ($4.3m) | ($1.1b) | |
| Proceed from maturity of term deposits | — | — | — | — | — | — | $49.0m | $1.0b | |
| Repurchase of ordinary shares | — | — | — | — | ($33.9m) | ($51.4m) | ($1.1m) | ($3.5m) | |
| Proceeds from exercise of share options | — | — | $195k | $10.5m | $91k | $36k | $15k | $76k | |
| Proceed from issuance of Class A and Class B ordinary shares (Note 11) | — | — | — | — | — | — | $22.4m | $28.9m | |
| Right-of-use assets obtained in lease term extensions | $30.1m | $56.4m | $169.7m | $99.7m | $2.3m | $5.8m | $359k | $0 | |
| Beginning Cash Position | — | — | — | — | $1.2b | $718.1m | $306.9m | $234.2m | |
| Cash Flow From Continuing Financing Activities | — | — | — | — | ($33.9m) | ($51.4m) | $21.3m | $25.5m | |
| Cash Flow From Continuing Investing Activities | — | — | — | — | ($8.9m) | ($161.1m) | $35.6m | ($41.6m) | |
| Change In Accrued Expense | — | — | — | — | ($233.1m) | ($23.7m) | ($23.0m) | $18.9m | |
| Change In Other Current Assets | — | — | — | — | $92.6m | ($5.4m) | ($2.1m) | $43k | |
| Change In Other Current Liabilities | — | — | — | — | ($121.0m) | ($8.9m) | ($6.2m) | ($5.4m) | |
| Change In Other Working Capital | — | — | — | — | ($201.5m) | $2.6m | ($4.6m) | $125.5m | |
| Change In Payables And Accrued Expense | — | — | — | — | ($233.1m) | ($23.7m) | ($23.0m) | $18.9m | |
| Change In Prepaid Assets | — | — | — | — | $15.7m | $30.6m | $13.6m | ($18.3m) | |
| Change In Receivables | — | — | — | — | ($36.4m) | ($31.2m) | ($20.6m) | $25.2m | |
| Change In Working Capital | — | — | — | — | ($483.8m) | ($36.1m) | ($42.9m) | $145.9m | |
| Changes In Account Receivables | — | — | — | — | ($36.4m) | ($31.2m) | ($20.6m) | $25.2m | |
| Changes In Cash | — | — | — | — | ($506.7m) | ($424.6m) | ($82.3m) | $21.2m | |
| End Cash Position | — | — | — | — | $718.1m | $306.9m | $234.2m | $246.5m | |
| Financing Cash Flow | — | — | — | — | ($33.9m) | ($51.4m) | $21.3m | $25.5m | |
| Free Cash Flow | — | — | — | — | ($466.7m) | ($238.7m) | ($148.6m) | $30.5m | |
| Gain Loss On Sale Of PPE | — | — | — | — | $3.8m | $344k | $895k | $26k | |
| Investing Cash Flow | — | — | — | — | ($8.9m) | ($161.1m) | $35.6m | ($41.6m) | |
| Issuance Of Capital Stock | — | — | — | — | $0 | $0 | $22.4m | $28.9m | |
| Net Foreign Currency Exchange Gain Loss | — | — | — | — | $55k | $2k | ($508k) | $1k | |
| Net PPE Purchase And Sale | — | — | — | — | $10.6m | ($10.9m) | ($9.1m) | ($6.2m) | |
| Net Preferred Stock Issuance | — | — | — | $0 | $0 | — | — | — | |
| Operating Gains Losses | — | — | — | — | $3.9m | $346k | $387k | $27k | |
| Other Non Cash Items | — | — | — | — | $34.2m | $16.8m | $9.7m | $5.8m | |
| Preferred Stock Issuance | — | — | — | $0 | $0 | — | — | — | |
| Proceeds From Stock Option Exercised | — | — | — | — | $91k | $36k | $15k | $76k | |
| Provisionand Write Offof Assets | — | — | — | — | $1.7m | $13.0m | $12.3m | ($805k) | |
| Purchase Of PPE | — | — | — | — | ($2.8m) | ($26.6m) | ($9.4m) | ($6.9m) | |
| Repurchase Of Capital Stock | — | — | — | — | ($33.9m) | ($51.4m) | ($1.1m) | ($3.5m) | |
| Sale Of PPE | — | — | — | — | $13.4m | $15.7m | $314k | $621k | |
| Stock Based Compensation | — | — | — | — | $129.6m | $83.7m | $61.9m | $30.8m | |
| Net Cash Provided by (Used in) Operating Activities | ($418.9m) | ($631.3m) | ($80.2m) | ($236.4m) | ($67.3m) | ($29.9m) | ($19.1m) | $5.3m | |
| Cash flows from investing activities: | |||||||||
| Payments to Acquire Property, Plant, and Equipment | $216k | $48.6m | $13.7m | $20.3m | $401k | $3.7m | $1.3m | $981k | |
| Net Investment Purchase And Sale | — | — | — | — | ($19.5m) | ($150.2m) | $44.6m | ($35.4m) | |
| Purchase Of Investment | — | — | — | — | ($19.5m) | ($169.8m) | ($4.3m) | ($1.1b) | |
| Disposal of available-for-sale investments | — | — | — | — | — | $19.5m | $0 | $0 | |
| Sale Of Investment | — | — | — | — | $0 | $19.5m | $49.0m | $1.0b | |
| Net cash (used in) generated from investing activities | ($48.9m) | ($28.6m) | ($89.5m) | ($117.6m) | ($8.9m) | ($161.1m) | $35.6m | ($41.6m) | |
| Net Cash Provided by (Used in) Investing Activities | — | ($28.6m) | ($13.7m) | ($18.5m) | ($1.3m) | ($22.7m) | $4.9m | ($5.9m) | |
| Cash flows from financing activities: | |||||||||
| Net Issuance Payments Of Debt | — | — | — | $0 | $0 | — | — | — | |
| Net Short Term Debt Issuance | — | — | — | $0 | $0 | — | — | — | |
| Repayment Of Debt | — | — | — | $0 | $0 | — | — | — | |
| Short Term Debt Payments | — | — | — | $0 | $0 | — | — | — | |
| Proceeds from Issuance of Common Stock | — | — | — | — | — | — | $3.1m | $4.1m | |
| Common Stock Issuance | — | — | — | — | $0 | $0 | $22.4m | $28.9m | |
| Net Common Stock Issuance | — | — | — | — | ($33.9m) | ($51.4m) | $21.3m | $25.4m | |
| Common Stock Payments | — | — | — | — | ($33.9m) | ($51.4m) | ($1.1m) | ($3.5m) | |
| Net cash (used in) generated from financing activities | $1.6b | $84.4m | $2.8b | $952k | ($33.9m) | ($51.4m) | $21.3m | $25.5m | |
| Net Cash Provided by (Used in) Financing Activities | — | $84.4m | $428.7m | $149k | ($4.9m) | ($7.2m) | $2.9m | $3.6m | |
| Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | — | ($11.7m) | ($5.9m) | ($4.8m) | $6.4m | $1.9m | $1.3m | ($1.3m) | |
| Effect of exchange rate changes | $72.8m | ($11.7m) | ($38.5m) | ($30.9m) | $43.9m | $13.4m | $9.6m | ($8.9m) | |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | — | ($587.1m) | $329.0m | ($259.6m) | ($67.1m) | ($57.9m) | ($10.0m) | $1.8m | |
| Net decrease in cash and cash equivalents and restricted cash | $1.2b | ($587.1m) | $2.1b | ($1.7b) | ($462.8m) | ($411.2m) | ($72.7m) | $12.3m | |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | — | $105.5m | $434.5m | $185.3m | $104.1m | $43.2m | $32.1m | $35.2m | |
| Cash, cash equivalents and restricted cash at beginning of the year | $1.3b | $688.7m | $2.8b | $1.2b | $718.1m | $306.9m | $234.2m | $246.5m | |
| Cash and cash equivalents | $1.3b | $653.9m | $2.8b | $1.2b | $707.9m | $306.9m | $234.1m | $246.4m | |
| Restricted cash | $22.9m | $34.8m | $170k | — | $10.2m | $0 | $49k | $49k | |
| Supplemental disclosure of cash flow information: | |||||||||
| Change In Cash Supplemental As Reported | — | — | — | — | ($462.8m) | ($411.2m) | ($72.7m) | $12.3m | |
| Interest Paid, Excluding Capitalized Interest, Operating Activities | — | $95k | $465k | $0 | $0 | — | — | — |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.