Good Future (NYSE: TAL) today announced its financial results for the second quarter of fiscal year 2023 ended August 31, 2022. The company reported net revenue of $294.1 million in the second quarter, down 79.6 percent from $1,443.9 million a year earlier. The net loss attributable to Good Future was $0.8 million, compared to a net loss of $826.5 million in the prior-year period. Net income attributable to Good Future was $26.6m on a Non-GAAP basis, compared with a net loss of $760.1m a year earlier.
Fiscal Second Quarter Results:
Net revenue was $294.1 million, down 79.6 percent from $1,443.9 million a year earlier.
Operating costs and expenses were $292.4 million, down 84.0% from $1,825.6 million a year earlier.
Cost of revenue was $117.1 million, down 86.6 percent from $872.6 million a year earlier. Excluding GAAP, cost of revenue was $114.5 million, down 86.9 percent from $872.3 million a year earlier.
Gross profit was $176.9 million, down 69.0% from $571.3 million a year earlier.
Operating income was $14.9 million, compared with an operating loss of $379.9 million a year earlier. Excluding American Common Accounting, operating income was $42.3 million, compared with an operating loss of $313.4 million a year ago.
The net loss attributable to Good Future was $0.8 million, compared to a net loss of $826.5 million in the prior-year period. Net income attributable to Good Future was $26.6m on a Non-GAAP basis, compared with a net loss of $760.1m a year earlier.
The basic and diluted loss per American Depositary share (ADS) was $0.00. Excluding GAAP, basic and diluted earnings per ADS were $0.04.
As of August 31, 2022, Good Future had cash and cash equivalents of $1,759.3 million and short-term investments of $1,337.3 million; As of February 28, 2022, Good Future had cash and cash equivalents of $1,638.2 billion and short-term investments of $1,070.5 billion.
As of August 31, 2022, Good Future had a deferred revenue balance of $177.5 million, compared to $187.7 million as of February 28, 2022.
Results for the first half of Fiscal 2023:
Net revenue was $518.1 million, down 81.7 percent from $2,828.8 million a year earlier.
The net loss attributable to Good Future was $44.6 million, compared with a net loss of $928.6 million a year earlier.
Net income attributable to Good Future was $9.3 million on a Non-GAAP basis, compared with a net loss of $794.7 million a year earlier.
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