of Thank session session of you, Douyin speaking. now. Shannon middle valuable right the explorations on his have and live-streaming his excuse in read This and on reading in the consecutive for I part Larry's development Douyin. significance enhancement everyone. brand his Sherry. in on book is Hello, the video is his XX-day Larry Larry's Please is business prepared Gaotu. absence huge future strategic behalf. ecosystem tonight, It short will remarks
on again this earnings continued I evening, year Good good industry. Gaotu you convey Gaotu's the once morning, education and fiscal call. and for support us opportunity gratitude quarter to conference for my everyone. and take for to like XXXX and in Thank your joining fourth would interest
mention start, to like noted. unless I everyone is information based financial RMB, that later Before would that our I remind otherwise I'll on
quarter revenue the results reported profitable We quarter-over-quarter steady for We fourth of quarter, achieved quarter set the in sizable delivered a growth decent operating of cash we third another net with inflow. also consecutive a XXXX. and
for the to quarter million. Our net revenues RMBXXX.X increased
continued increase, Our RMBX that steady business a development. XX.X% our entered approximately billings significant of symbolizing billion, a have quarter-over-quarter phase secured gross up to
and net fiscal full During for a to the our of non-GAAP of income year retained margin quarter, X.X%. we margin the net non-GAAP XX.X% income net income margin which brought XX.X%, a
positive net we to position, the lifted operating during of cash year our attesting meaningfully and is more operational Even full superior efficiency. noteworthy that a territory the million which our recorded into quarter, cash RMBXXX.X strengthened inflow number
unwavering the teaching strategy quality. profitable on effective annual our both students' We growth of and which basis, for long-lasting and to our to in commitment optimize our relentless combination achieved and quarter growth the efforts is experience
solid reinforced unknown challenges year. welcome footing, XXXX in next a close our We confidence are on the to we challenging such as has which pleased
exceedingly shown the in XXXX. alongside season, organization operations net deliver has and we from and another inflow resilient year As spring we substantial profitability ready enter cash of the growth and cohesive, healthy to are our momentum,
will employees and customer-centric, value and our enduring we shareholders. to to students, Going forward, long-term continue execute oriented substantial our strategy for growth create
would the this made on progress like we four aspects. the from following to provide I Now, updates quarter
core First, during The benefited each quarter which lines tutoring remained services of driven and on growth other learning mostly traditional was partially our business in increase seasonality. favorable steady from gross sequential a non-academic sharp billings services, trajectory. the by
adults, the saw tutoring exam prep of first Especially, non-academic quarter-over-quarter the educational services. revenues, post-graduate [reached] college for growth and we business time. (ph) quarterly across profit terms In both for and services students entrance in a
growth business segments expect we positive XXXX. Looking to their in sustain our momentum ahead,
love, continue pool the talent Second, are We organizational learning of of experts. our to by ourselves our always hence, level enhancing philosophy to our original deliver At compelling results our uphold we aspiration remind tailored compassion, to cornerstones essentially highest to that educate, education services through underlying teaching the outstanding offering goodness is patience education. focus and of on and capabilities. Gaotu, enriching
teachers competitive and been always Dedicated about Internally, also instructors and long-term to Gaotu. education with teaching Externally, have cultivating partnerships excellent universities top to actively passionate professionals have colleges more core we channel established advantage. are we our tutors. continuously
During this engage Management Gaotu successfully quarter, events we aspiring at Tsinghua to [Peking] Beidou talents. more and hosted (ph) recruitment Trainee XXXX University young
meet into our to of our our chain various the additional continue will top-notch and efforts competitiveness. hiring build talent fields deep-rooted to strict value long standards across we forward, who education Moving recruiting invest reinforce
Third, we our improve operational efficiency. continued to
profit higher year-over-year gross to front, and quarter increase the quarter-over-quarter during services registered due margin delivery both efficiency. course the On
to to through enhance channels expenses are we selling to video we customer actively and the others Meanwhile, the sequential as At private develop quarter acquisition higher to proprietary X.X our time, efficiency. by traffic same short saw implementing offline improvement, Regarding conversion and marketing customer margin representing ROI reduced rates, channels acquisition, efficiency. platforms, with marketing acquisition greater sales further XX%. compared expenses points percentage last
the of for after the loss for declines impact As (ph) prior flat expenses, quarter. quarter, of and the adjusting [headquarter] exchange compared negative largely with expenses one-off with remained moderate they some
headquarter to our we leverage improvement. stable lead expenses and remain to operating revenues our profitability should as accelerated our Going expect forward, expand
new experiment initiatives we TikTok. the In Douyin, started journey continue with e-commerce Last, on of of explore the not officially quarter, expand to streaming offerings. business but fourth version Chinese our our the live least, and to we range
debuted evening brand, Korea life and Gaotu to some Douyin XX account of on year. development Jiapin, my on live-streaming on last my personal December also the experience Our offer I And lessons. personal launched and a share
like have As reserve, and [indiscernible] platform services tutoring live repeated capabilities talent undergo resemble as explore whose (ph) out would to boundless online the host. our hosts By we've to skills more-effected [range years Since large-class advantage through have of] ideal this and possibilities wealth sharing live-stream transformation, natural a learning leveraging of important high-quality we quality through base started pivot with an a continue wholesome personally of students to I live-stream consumers. a the provider, providing we of in from superior and knowledge through seamlessly content, food lifestyle upgrades. knowledge live presentation and teaching, enabling appealing to of (ph) them [accrued]
leverage in excellent a of of committed consumers, better, brand the terms to enhancement. With customers mission rates. huge We exposure our will the endeavors and between with as making believe products repurchase is reputable introducing brand life and in live-streaming business bridge high create quality proven Gaotu to and producers Jiapin serving
operations accumulate initial will video of forward. continue of this stage undertaking and and As insight now, we in still to on the we short going know-how are
at we I have because lead (ph) and to the devoting [continuingly] times the It every day. their entrepreneurship that our of in said that Gaotu is and best toughest hardest we to best enthusiasm always displaying one, everyone unyieldingly often the usually with into are better best transforming started the same day humility teams, a and is are efforts moments Gaotu the us times times, life. to your
of effective contribute ahead to education and we our XXXX, will develop, continue into growth the to Looking guided in to China. to by innovate continue strategy, continue development
listening. you prepared remarks. Larry's This everyone for Thank concludes
now, all XXXX. I unless will performance you on quarter note And data fourth Please based that is I'll year noted. mention operational financial otherwise and through that for our detailed financial full walk RMB, and fiscal later the
-- grew quarter-over-quarter gross our quarter, driven education enhanced base growing billings product was our approximately net steadily RMBX to quality, fourth million the in quarter billion. to RMBXXX.X revenues billings notable the quarter user by increased our XX.X% by development. over The During gross a rise considerable and X.X% business and last sound
gross expansion boosted meaningful indicator in billing's growth our prospects has a As top-line for XXXX. revenues, our confidence leading for
margin the non-GAAP of was Moreover, XX.X% XX.X%. income which income a RMBXX.X our to quarter was million, RMBXX.X million led income and margin net net a of net income net for non-GAAP and
our continuous a the during of we net and a and generated addition optimization the development efficiency also increase million of attaining In bolstering inflow and year-over-year operating RMBXXX.X our company validating cash to long-term recorded cash reserves in profitability, quarter, efforts. improvement sizable
fiscal profitability on and RMBX.X full Net year achieved for our results. year billion. approximately to year reached XXXX revenues Turning billings also Meanwhile, both we gross basis. full
Our net the RMBXX.X of margin million net year net and a income of RMBXXX.X yielding income X.X% net was million, income margin non-GAAP a for X.X%. income our non-GAAP and was
net to earning we year. cash million addition also In inflow annual profitability, operating RMBXX.X this a generated of
innovative clear [Annual inflow to resilience, continuous positive cash organization. [drove] The it cash ability the reserves. with and (ph) efficiency profitability] growth (ph) cash is our operational sizable in of top-line our testament inflow of bottom-line coupled and growth
end RMBXX.X of investments restricted as to XXXX of exploration cash, XX, by approximately our billion, cash solid such, of the equivalents, December initiatives. million to providing As short-term XXXX, ground new and at compared operation our continued cash for that and RMBX.X increased
Learning students our tutoring and whereas will educational two primarily made and as content we learning supplements other are digitalized traditional each categorized lines serve services, educational products of quarter. learning learning products. and for now in learning comprised are these adults, We services progress to services, that learning learning elaborate into and have educational business content smart of sectors: on non-academic college during services. supportive tools the main services I businesses digitalized the and services
the tutoring learning courses of courses. Breaking XX% quarter. services of accounted down, tutoring over non-academic traditional for other from XX% came to net close it in and revenues revenues First,
holistic comprehensive overall includes creatively-presented passion improving working development, student of motivating their to and nurturing students' non-academic services progress consist Our interest them capabilities, intelligent, school their learning continuously modules by and inquisitive. courses that be [indiscernible]
the the intention digit quarter-over-quarter growth. tutoring refine courses rate retention We [Paid non-academic our of quarter. higher achieved integrated improving during non-academic in triple to development, quarter our with of the upgrade courses constantly which (ph) design curriculum students' the led course] fourth for and enrollments
published the In clear December policy last guidelines. year, government has
by forward, Non-academic the Going and retention exhibit improve engineering and students rates compliance. salient seasonality. will satisfaction that exceed and courses ensuring while tutoring our products traditional other parents, courses a constantly of customer we expectations
percentage higher fourth the courses, billings For normally quarters. quarter contributed billings for are gross which online of during and by the and gross are as seasons, renewing annual ourselves, businesses, typically first third second accounts retention such a their mostly students and course existing than
our from businesses our to foundation gain strong a roughly gross XX% revenue billings rebounded, increased future our As non-academic creating for continued growth. the services and traction retention rates quarter-over-quarter, tutoring
from same compared to XX% mentioned, educational is and Aside other the of component in adults, quarter. above the than doubled which revenue year, of crucial to for nearly constituting students for college learning more the services services the last revenues period
services, XX% focus Our for services, this postgraduate prep roughly profitable postgraduate entrance overseas-related [indiscernible], these increase exam prep financial certificate services core a civil includes quarter-over-quarter of private of celebrated business first sector exam services business services. quarter. and recorded its Among entrance prep the and revenue exam
include life various learning apps. course to XX% products as supplements digital of came such content These learning products, learning designed less products textbooks complementary intelligent remainder revenues students' for and products fulfill smart than our learning the from Lastly, mainly students, are needs. our and which as to educational
detailed numbers. I in Next, our will present financials
was of million. quarter revenues RMBXXX.X cost Our this
increased Our point increase profit RMBXXX.X was gross Gross a margin quarter-over-quarter RMBXXX.X gross gross Non-GAAP increase X.X% increase X.X% efficiency. margin was profit year-over-year to a increased course gross was and representing quarter-over-quarter. XXX-basis non-GAAP delivery million to XX.X%. The higher profit profit quarter-over-quarter XXX-basis in due margin and profit million. to XX.X%, point largely
quarter-over-quarter X.X% Breaking million. decreased it expenses and to down. XX.X% year-over-year Operating RMBXXX.X
of XX% third decreased quarter. expenses XX% decrease RMBXXX.X X.X in can for the explained in and to The factors. two quarter-over-quarter was Selling revenues, by be than million, percentage which net quarter-over-quarter points selling lower expenses year-over-year XX.X% accounting
are continuously constantly better First, innovative in to high-intense with channels strong On cost-effective target rates customers private (ph) own willingness precisely of premium platforms video to and with pay. we have high-quality creation, traffic. one on our customer acquisition, we more while to users [matrix] hand, terms up (ph) attract short out seeking activation with set conversion [customer-made] accounts content of performing retention
on our Some of live-streaming have courses platform. achieved breakthroughs
virtual Douyin has instructors ranked of of product for life multi X English Top For among our instance, the times. channel one the [indiscernible] or
year channels, services to reputation other At our college gradually granularity. consistently of time, On quality and the the more exploring serve regions hand, are been and trail students adults. cities same we superior in high-standard over providing offline content, prospective tailored local a with have students targeting among after high and better courses brand courses offering more students extrapolating the and and we
We reduced expenses selling on have reliance significantly word-of-mouth greater referrals. through
enhance ROI as focusing will our our through our base Looking long-term conversion drive sustainable college and selling to continue improve students expenses ahead, target we on customer to growth. rate
Second, a for and non-academic now new is from quarter enrollments most standpoint, season seasonality services. from tutoring the fourth student other service efficient the traditional
quarter marketing we expenses the during efficiency. such, lower allocated operational As considering
R&D exclude expenses, the year-over-year expenses accounting flat to effects Moving RMBXXX.X XX.X% million, with net some we quarter-over-quarter revenues. moderate of remained of on, expenses research decreased one-off If declines. negative for and development XX.X%
expenses revenues. The losses effects XX.X% of expected accounting slight in large due XX.X% the one-off expenses. and to and expenses administrative RMBXX.X to of increase rate were General for fluctuations some unrealized year-over-year and sequential G&A decreased million, combined exchange exchange
Loss million. Non-GAAP margin RMBX.X operations operating from X.X%. for RMBXX.X operations quarter million. the was Non-GAAP was from income was
was an from income, increase, other to also due appropriate deferred tax-related total income future a management recognized we wealth of instruments due value-added tax sequential greater to amount gains from for large and resulting profitability, tax extent, to For benefits. assets. benefit possibilities its Further,
During the net RMBXX.X was income million. was net Non-GAAP RMBXX.X million. quarter, income
million. cash inflow Our net operating RMBXXX.X was
XXXX. our to on fiscal results Moving in year full
income Non-GAAP loss was from the million. Net million. was year RMBXXX.X income was net operations million. RMBX.X Non-GAAP was for from income operations RMBXXX.X Our RMBXX.X million.
RMBXX.X cash inflow million. was operating net Our
Turning to our balance sheet.
As December and million totaling we restricted XXXX, in equivalents RMBX.X in cash short-term XX, RMBX.X of RMBXXX.X had cash, investments, cash billion. billion approximately and
As revenues be in primarily of was deferred will received revenue recognized proportion December one consists of as of which (ph) RMBXXX.X tuition and balance million, to a large XX, XXXX, [bids] within quarters. advance, two our
development and company. his an in Chairman ADS Founder, CEO, future Larry firm X.X XXXX, in our increased of aggregate Chen, has confidence our million Additionally, of highlighting management's shareholding the by
our the Before I involve are me forward-looking provide differ this everyone next and results from allow contains which our predictions. that to our beyond quarter, control uncertainties, risks business outlook materially remind for and statements, cause the actual please which to could
between to XXXX a decrease current Based net estimates, expected and to on RMBXXX million, basis. our year-over-year first million of total are revenues a RMBXXX the on for representing be X.X% X.X% quarter of
Operator, we everyone the listening. remarks. now are for prepared my section. QA concludes This ready Thanks for to
