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BEIJING, March 24, 2022 /PRNewswire/ — China Online Education Group (“51Talk” or the “Company”) COE, a leading online education platform in China, with core expertise in English education, announced its unaudited financial results for the third quarter ended September 30, 2021, as well as the fourth quarter and full year ended December 31, 2021.
Full Year 2021 Financial and Operating Highlights
- Net revenues were RMB2,166.5 million (US$340.0 million), a 5.5% increase from RMB2,054.1 million for the full year 2020.
- Gross margin was 74.2%, compared with 71.7% for the full year 2020.
- GAAP net income was RMB105.7 million(US$16.6 million), compared with GAAP net income RMB147.0 million for the full year 2020.
- Non-GAAP net income1 was RMB132.7 million (US$20.8million), compared with non-GAAP net income RMB 173.7 million for the full year 2020.
- Operating cash outflow was RMB676.1 million (US$106.1 million), compared with RMB719.2 million cash inflow for the full year 2020.
Fourth Quarter 2021 Financial and Operating Metrics
- Net revenues were RMB412.8 million (US$64.8 million), a 22.9% decrease from RMB535.1 million for the fourth quarter of 2020.
- Gross margin was 78.6%, compared with 72.7% for the fourth quarter of 2020.
- Net income was RMB52.0million (US$8.2 million), compared with net income of RMB31.8 million for the fourth quarter of 2020.
- Non-GAAP net income was RMB55.0 million (US$8.6 million), compared with non-GAAP net income of RMB38.6 million for the fourth quarter of 2020.
- Operating cash outflow was RMB268.6 million (US$42.1 million), compared with RMB188.5 million of operating cash inflow for the fourth quarter of 2020.
- Cash, cash equivalents, restricted cash, time deposits and short-term investments balance stood at RMB992.6 million (US$155.8 million) as of December 31, 2021.
Third Quarter 2021 Financial and Operating Metrics
- Net revenues were RMB573.6 million (US$90.0 million), a 6.5% increase from RMB538.5 million for the third quarter of 2020.
- Gross…
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