Sunlands Technology Group Announces Unaudited Second Quarter 2026 Financial Results
Rhea-AI Summary
Sunlands Technology Group (NYSE: STG) reported unaudited second quarter 2026 net revenues of RMB406.4 million, down 24.6% year-over-year, and net income of RMB83.5 million, versus RMB126.6 million a year earlier, implying a net income margin of 20.5%.
Gross profit fell 25.6% to RMB349.2 million and new student enrollments declined to 95,280 from 159,154. Operating expenses decreased 22.5% to RMB265.7 million, supporting the company’s 21st consecutive profitable quarter. As of June 30, 2026, cash, cash equivalents and short-term investments totaled RMB857.5 million and deferred revenue was RMB433.5 million.
For third quarter 2026, Sunlands expects net revenues of RMB330–350 million, a projected 33.1%–36.9% year-over-year decline. In May 2026, the board authorized a share repurchase program of up to US$50 million; by August 17, 2026, 680,353 ADSs had been repurchased for about US$2.3 million.
Positive
- 21st consecutive profitable quarter in Q2 2026, with RMB83.5 million net income
- Net income margin of 20.5% in Q2 2026 despite revenue decline
- Operating expenses down 22.5% year-over-year to RMB265.7 million in Q2 2026
- Cash, cash equivalents and short-term investments at June 30, 2026 totaled RMB857.5 million, up from RMB812.7 million at December 31, 2025
- Share repurchase authorization of up to US$50 million over 36 months starting May 29, 2026
- ADS buybacks of 680,353 ADSs for approximately US$2.3 million by August 17, 2026
Negative
- Q2 2026 net revenues down 24.6% year-over-year to RMB406.4 million
- Q2 2026 gross profit decreased 25.6% year-over-year to RMB349.2 million
- New student enrollments fell to 95,280 from 159,154 year-over-year in Q2 2026
- Deferred revenue declined to RMB433.5 million at June 30, 2026 from RMB585.3 million at December 31, 2025
- First-half 2026 net income decreased to RMB160.3 million from RMB201.8 million year-over-year
- Q3 2026 revenue outlook implies a 33.1%–36.9% year-over-year decline to RMB330–350 million
News Explained
By
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 26 | 1Q26 earnings report | Neutral | +1.5% | Revenue declined while profitability and cost controls remained positive. |
| Mar 19 | FY25 earnings report | Positive | -0.7% | Full-year revenue and net income increased despite weaker quarterly performance. |
| Nov 20 | 3Q25 earnings report | Positive | -13.3% | Revenue, gross profit, and net income increased year over year. |
| Aug 14 | 2Q25 earnings report | Positive | +7.9% | Revenue growth, earnings growth, and margin expansion marked the quarter. |
| May 22 | 1Q25 earnings report | Negative | -2.5% | Revenue and net income declined alongside lower new student enrollments. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings-specific events had an average 24-hour move of -1.41%, with three divergences between announcement tone and price reaction.
Key Terms
gross billings financial
non-gaap financial measures financial
deferred revenue financial
ads financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
BEIJING, Aug. 20, 2026 (GLOBE NEWSWIRE) -- Sunlands Technology Group (NYSE: STG) (“Sunlands” or the “Company”), a leader in China’s adult online education market and China’s adult personal interest learning market, today announced its unaudited financial results for the second quarter ended June 30, 2026.
Second Quarter 2026 Financial and Operational Snapshots
- Net revenues were RMB406.4 million (US
$59.9 million ), compared to RMB539.0 million in the second quarter of 2025. - Gross billings (non-GAAP) were RMB286.2 million (US
$42.2 million ), compared to RMB400.3 million in the second quarter of 2025. - Gross profit was RMB349.2 million (US
$51.5 million ), compared to RMB469.4 million in the second quarter of 2025. - Net income was RMB83.5 million (US
$12.3 million ), compared to RMB126.6 million in the second quarter of 2025. - Net income margin1 was
20.5% , compared to23.5% in the second quarter of 2025. - New student enrollments2 were 95,280, compared to 159,154 in the second quarter of 2025.
- As of June 30, 2026, the Company’s deferred revenue balance was RMB433.5 million (US
$63.9 million ), compared to RMB585.3 million as of December 31, 2025.
___________________________
1 Net income margin is defined as net income as a percentage of net revenues.
2 New student enrollments for a given period refer to the total number of orders placed by students that newly enroll in at least one course during that period, including those students that enroll and then terminate their enrollment with us, excluding orders of our low-price courses, such as “mini courses” and “RMB1 courses”, which we offer in the form of recorded videos or short live streaming, to strengthen our competitiveness and improve customer experience.
Mr. Tongbo Liu, Chief Executive Officer of Sunlands, commented, “During the second quarter of 2026, we continued to refine our course offerings and customer acquisition activities in response to evolving learner needs. Our focus remained on strengthening the quality and sustainability of the business while continuing to improve operating efficiency. In May 2026, we announced a new share repurchase program, reflecting our confidence in the Company’s long-term prospects and intrinsic value. Looking ahead, we will continue to improve our products and services and pursue new opportunities at a measured pace.”
Mr. Hangyu Li, Finance Director of Sunlands, added, “In the second quarter of 2026, net revenues were RMB406.4 million and net income was RMB83.5 million, representing a net income margin of
Financial Results for the Second Quarter of 2026
Net Revenues
In the second quarter of 2026, net revenues decreased by
Cost of Revenues
Cost of revenues decreased by
Gross Profit
Gross profit decreased by
Operating Expenses
In the second quarter of 2026, operating expenses were RMB265.7 million (US
Sales and marketing expenses decreased by
General and administrative expenses decreased by
Product development expenses decreased by
Net Income
Net income for the second quarter of 2026 was RMB83.5 million (US
Basic and Diluted Net Income Per Share
Basic and diluted net income per share was RMB12.58 (US
Cash, Cash Equivalents and Short-term Investments
As of June 30, 2026, the Company had RMB520.6 million (US
Deferred Revenue
As of June 30, 2026, the Company had a deferred revenue balance of RMB433.5 million (US
Share Repurchase
On May 29, 2026, the Company’s board of directors authorized a share repurchase program, under which the Company may repurchase up to US
Financial Results for the First Six Months of 2026
Net Revenues
In the first six months of 2026, net revenues decreased by
Cost of Revenues
Cost of revenues decreased by
Gross Profit
Gross profit decreased by
Operating Expenses
In the first six months of 2026, operating expenses were RMB550.0 million (US
Sales and marketing expenses decreased by
General and administrative expenses increased by
Product development expenses decreased by
Net Income
Net income for the first six months of 2026 was RMB160.3 million (US
Basic and Diluted Net Income Per Share
Basic and diluted net income per share was RMB24.05 (US
Outlook
For the third quarter of 2026, Sunlands currently expects net revenues to be between RMB330 million to RMB350 million, which would represent a decrease of between
Exchange Rate
The Company’s business is primarily conducted in China and all revenues are denominated in Renminbi (“RMB”). This announcement contains currency conversions of RMB amounts into U.S. dollars (“US$”) solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ are made at a rate of RMB6.7851 to US
About Sunlands
Sunlands Technology Group (NYSE: STG) (“Sunlands” or the “Company”), formerly known as Sunlands Online Education Group, is a leader in China’s adult online education market and China’s adult personal interest learning market. With a one to many live streaming platform, Sunlands offers various degree- or diploma-oriented post-secondary courses as well as professional certification preparation, professional skills and interest courses. Students can access the Company's services either through PC or mobile applications. The Company's online platform cultivates a personalized, interactive learning environment by featuring a virtual learning community and a vast library of educational content offerings that adapt to the learning habits of its students. Sunlands offers a unique approach to education research and development that organizes subject content into Learning Outcome Trees, the Company's proprietary knowledge management system. Sunlands has a deep understanding of the educational needs of its prospective students and offers solutions that help them achieve their goals.
About Non-GAAP Financial Measures
We use gross billings, EBITDA, non-GAAP operating cost and expenses, non-GAAP income from operations and non-GAAP net income per share, each a non-GAAP financial measure, in evaluating our operating results and for financial and operational decision-making purposes.
We define gross billings for a specific period as the total amount of cash received for the sale of course packages, net of the total amount of refunds paid in such period. Our management uses gross billings as a performance measurement because we generally bill our students for the entire course tuition at the time of sale of our course packages and recognize revenue proportionally over a period. EBITDA is defined as net income excluding depreciation and amortization, interest expense, interest income, and income tax expenses. Adjusted EBITDA is defined as net income excluding depreciation and amortization, interest expense, interest income, income tax expenses and impairment loss on long-lived assets. We believe that gross billings, EBITDA and adjusted EBITDA provide valuable insight into the sales of our course packages and the performance of our business.
These non-GAAP financial measures should not be considered in isolation from, or as a substitute for, their most directly comparable financial measures prepared in accordance with GAAP. A reconciliation of the historical non-GAAP financial measures to their respective most directly comparable GAAP measure has been provided in the tables included below. Investors are encouraged to review the reconciliation of the historical non-GAAP financial measures to their respective most directly comparable GAAP financial measures. As gross billings, EBITDA, adjusted EBITDA, operating cost and expenses excluding share-based compensation expenses, general and administrative expenses excluding share-based compensation expenses, sales and marketing expenses excluding share-based compensation expenses, product development expenses excluding share-based compensation expenses, income from operations excluding share-based compensation expenses, and basic and diluted net income per share excluding share-based compensation expenses have material limitations as an analytical metric and may not be calculated in the same manner by all companies, it may not be comparable to other similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider gross billings, EBITDA and adjusted EBITDA as a substitute for, or superior to, their respective most directly comparable financial measures prepared in accordance with GAAP. We encourage investors and others to review our financial information in its entirety and not rely on a single financial measure.
Safe Harbor Statement
This press release contains forward-looking statements made under the “safe harbor” provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Sunlands may also make written or oral forward-looking statements in its reports filed with or furnished to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about Sunlands' beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the following: Sunlands' goals and strategies; its expectations regarding demand for and market acceptance of its brand and services; its ability to retain and increase student enrollments; its ability to offer new courses and educational content; its ability to improve teaching quality and students’ learning results; its ability to improve sales and marketing efficiency and effectiveness; its ability to engage, train and retain new faculty members; its future business development, results of operations and financial condition; its ability to maintain and improve technology infrastructure necessary to operate its business; competition in the online education industry in China; relevant government policies and regulations relating to Sunlands’ corporate structure, business and industry; and general economic and business condition in China. Further information regarding these and other risks, uncertainties or factors is included in Sunlands' filings with the U.S. Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and Sunlands does not undertake any obligation to update such information, except as required under applicable law.
For investor and media enquiries, please contact:
Sunlands Technology Group
Investor Relations
Email: sl-ir@sunlands.com
SOURCE: Sunlands Technology Group
| SUNLANDS TECHNOLOGY GROUP UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except for share and per share data, or otherwise noted) | ||||||
| As of December 31, | As of June 30, | |||||
| 2025 | 2026 | |||||
| RMB | RMB | US$ | ||||
| ASSETS | ||||||
| Current assets | ||||||
| Cash and cash equivalents | 575,740 | 520,635 | 76,732 | |||
| Restricted cash | 1,023 | - | - | |||
| Short-term investments | 235,937 | 336,876 | 49,649 | |||
| Prepaid expenses and other current assets | 82,566 | 93,852 | 13,832 | |||
| Deferred costs, current | 22,125 | 14,029 | 2,068 | |||
| Total current assets | 917,391 | 965,392 | 142,281 | |||
| Non-current assets | ||||||
| Property and equipment, net | 662,178 | 528,254 | 77,855 | |||
| Intangible assets, net | 250 | 95 | 14 | |||
| Right-of-use assets | 99,111 | 94,324 | 13,902 | |||
| Deferred costs, non-current | 10,643 | 6,502 | 958 | |||
| Long-term investments | 318,791 | 339,178 | 49,989 | |||
| Deferred tax assets | 19,104 | 17,149 | 2,527 | |||
| Other non-current assets | 19,750 | 18,274 | 2,693 | |||
| Total non-current assets | 1,129,827 | 1,003,776 | 147,938 | |||
| TOTAL ASSETS | 2,047,218 | 1,969,168 | 290,219 | |||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||
| LIABILITIES | ||||||
| Current liabilities | ||||||
| Accrued expenses and other current liabilities | 366,011 | 317,064 | 46,730 | |||
| Deferred revenue, current portion | 384,334 | 266,443 | 39,269 | |||
| Lease liabilities, current portion | 9,104 | 9,347 | 1,378 | |||
| Total current liabilities | 759,449 | 592,854 | 87,377 | |||
| SUNLANDS TECHNOLOGY GROUP UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS-continued (Amounts in thousands, except for share and per share data, or otherwise noted) | |||||||||
| As of December 31, | As of June 30, | ||||||||
| 2025 | 2026 | ||||||||
| RMB | RMB | US$ | |||||||
| Non-current liabilities | |||||||||
| Deferred revenue, non-current portion | 200,960 | 167,011 | 24,614 | ||||||
| Lease liabilities, non-current portion | 129,564 | 123,761 | 18,240 | ||||||
| Deferred tax liabilities | 5,786 | 9,596 | 1,414 | ||||||
| Other non-current liabilities | 7,392 | 6,650 | 980 | ||||||
| Total non-current liabilities | 343,702 | 307,018 | 45,248 | ||||||
| TOTAL LIABILITIES | 1,103,151 | 899,872 | 132,625 | ||||||
| SHAREHOLDERS’ EQUITY | |||||||||
| Class A ordinary shares (par value of US | |||||||||
| authorized; 3,131,807 and 3,131,807 shares issued as of December 31, 2025 | |||||||||
| and June 30, 2026, respectively; 2,538,047 and 2,227,653 shares | |||||||||
| outstanding as of December 31, 2025 and June 30, 2026, respectively) | 1 | 1 | - | ||||||
| Class B ordinary shares (par value of US | |||||||||
| authorized; 826,389 and 826,389 shares issued and outstanding | |||||||||
| as of December 31, 2025 and June 30, 2026, respectively) | - | - | - | ||||||
| Class C ordinary shares (par value of US | |||||||||
| authorized; 3,332,062 and 3,332,062 shares issued and outstanding | |||||||||
| as of December 31, 2025 and June 30, 2026, respectively) | 1 | 1 | - | ||||||
| Treasury stock | - | - | - | ||||||
| Statutory reserves | 22,440 | 22,440 | 3,307 | ||||||
| Accumulated deficit | (1,486,011 | ) | (1,325,704 | ) | (195,385 | ) | |||
| Additional paid-in capital | 2,287,553 | 2,273,605 | 335,088 | ||||||
| Accumulated other comprehensive income | 121,570 | 100,440 | 14,803 | ||||||
| Total Sunlands Technology Group shareholders’ equity | 945,554 | 1,070,783 | 157,813 | ||||||
| Non-controlling interest | (1,487 | ) | (1,487 | ) | (219 | ) | |||
| TOTAL SHAREHOLDERS’ EQUITY | 944,067 | 1,069,296 | 157,594 | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 2,047,218 | 1,969,168 | 290,219 | ||||||
| SUNLANDS TECHNOLOGY GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands, except for share and per share data, or otherwise noted) | |||||||||
| For the Three Months Ended June 30, | |||||||||
| 2025 | 2026 | ||||||||
| RMB | RMB | US$ | |||||||
| Net revenues | 539,015 | 406,367 | 59,891 | ||||||
| Cost of revenues | (69,641 | ) | (57,201 | ) | (8,430 | ) | |||
| Gross profit | 469,374 | 349,166 | 51,461 | ||||||
| Operating expenses | |||||||||
| Sales and marketing expenses | (302,527 | ) | (228,378 | ) | (33,659 | ) | |||
| Product development expenses | (6,946 | ) | (5,498 | ) | (810 | ) | |||
| General and administrative expenses | (33,150 | ) | (31,811 | ) | (4,688 | ) | |||
| Total operating expenses | (342,623 | ) | (265,687 | ) | (39,157 | ) | |||
| Income from operations | 126,751 | 83,479 | 12,304 | ||||||
| Interest income | 6,734 | 5,753 | 848 | ||||||
| Interest expense | (273 | ) | - | - | |||||
| Other income, net | 7,240 | 8,314 | 1,225 | ||||||
| Gain on disposal of subsidiaries | - | 661 | 97 | ||||||
| Income before income tax expenses | |||||||||
| and loss from equity method investments | 140,452 | 98,207 | 14,474 | ||||||
| Income tax expenses | (13,550 | ) | (14,158 | ) | (2,087 | ) | |||
| Loss from equity method investments | (257 | ) | (589 | ) | (87 | ) | |||
| Net income | 126,645 | 83,460 | 12,300 | ||||||
| Less: Net loss attributable to non-controlling interest | - | - | - | ||||||
| Net income attributable to Sunlands Technology Group | 126,645 | 83,460 | 12,300 | ||||||
| Net income per share attributable to ordinary shareholders of | |||||||||
| Sunlands Technology Group: | |||||||||
| Basic and diluted | 18.75 | 12.58 | 1.85 | ||||||
| Weighted average shares used in calculating net income | |||||||||
| per ordinary share: | |||||||||
| Basic and diluted | 6,753,895 | 6,633,622 | 6,633,622 | ||||||
| SUNLANDS TECHNOLOGY GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Amounts in thousands) | |||||||||
| For the Three Months Ended June 30, | |||||||||
| 2025 | 2026 | ||||||||
| RMB | RMB | US$ | |||||||
| Net income | 126,645 | 83,460 | 12,300 | ||||||
| Other comprehensive (loss)/gain, net of tax effect of nil: | |||||||||
| Change in cumulative foreign currency translation adjustments | (7,885 | ) | (12,510 | ) | (1,844 | ) | |||
| Unrealized gain on available-for-sale investments, net of tax effect of nil | 11,311 | 6,510 | 959 | ||||||
| Total comprehensive income | 130,071 | 77,460 | 11,415 | ||||||
| Less: comprehensive income attributable to non-controlling interest | - | - | - | ||||||
| Comprehensive income attributable to Sunlands Technology Group | 130,071 | 77,460 | 11,415 | ||||||
| SUNLANDS TECHNOLOGY GROUP RECONCILIATION OF GAAP AND NON-GAAP RESULTS (Amounts in thousands) | ||||||
| For the Three Months Ended June 30, | ||||||
| 2025 | 2026 | |||||
| RMB | RMB | |||||
| Net revenues | 539,015 | 406,367 | ||||
| Less: other revenues | (60,566 | ) | (51,826 | ) | ||
| Add: tax and surcharges | 19,761 | 12,928 | ||||
| Add: ending deferred revenue | 814,277 | 433,454 | ||||
| Add: ending refund liability | 77,942 | 43,368 | ||||
| Less: beginning deferred revenue | (891,617 | ) | (500,548 | ) | ||
| Less: beginning refund liability | (98,516 | ) | (57,553 | ) | ||
| Gross billings (non-GAAP) | 400,296 | 286,190 | ||||
| Net income | 126,645 | 83,460 | ||||
| Add: income tax expenses | 13,550 | 14,158 | ||||
| Add: depreciation and amortization | 7,205 | 4,783 | ||||
| Add: interest expense | 273 | - | ||||
| Less: interest income | (6,734 | ) | (5,753 | ) | ||
| EBITDA (non-GAAP) | 140,939 | 96,648 | ||||
| Add: Impairment loss on long-lived assets | - | - | ||||
| Adjusted EBITDA (non-GAAP) | 140,939 | 96,648 | ||||
| SUNLANDS TECHNOLOGY GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands, except for share and per share data, or otherwise noted) | |||||||||
| For the Six Months Ended June 30, | |||||||||
| 2025 | 2026 | ||||||||
| RMB | RMB | US$ | |||||||
| Net revenues | 1,026,640 | 847,027 | 124,836 | ||||||
| Cost of revenues | (141,977 | ) | (116,740 | ) | (17,205 | ) | |||
| Gross profit | 884,663 | 730,287 | 107,631 | ||||||
| Operating expenses | |||||||||
| Sales and marketing expenses | (602,971 | ) | (470,238 | ) | (69,305 | ) | |||
| Product development expenses | (13,188 | ) | (12,092 | ) | (1,782 | ) | |||
| General and administrative expenses | (67,609 | ) | (67,680 | ) | (9,975 | ) | |||
| Total operating expenses | (683,768 | ) | (550,010 | ) | (81,062 | ) | |||
| Income from operations | 200,895 | 180,277 | 26,569 | ||||||
| Interest income | 12,141 | 10,973 | 1,617 | ||||||
| Interest expense | (680 | ) | - | - | |||||
| Other income, net | 13,857 | 12,955 | 1,909 | ||||||
| Gain on disposal of subsidiaries | - | 661 | 97 | ||||||
| Income before income tax expenses | |||||||||
| and loss from equity method investments | 226,213 | 204,866 | 30,192 | ||||||
| Income tax expenses | (23,324 | ) | (42,963 | ) | (6,332 | ) | |||
| Loss from equity method investments | (1,068 | ) | (1,596 | ) | (235 | ) | |||
| Net income | 201,821 | 160,307 | 23,625 | ||||||
| Less: Net loss attributable to non-controlling interest | - | - | - | ||||||
| Net income attributable to Sunlands Technology Group | 201,821 | 160,307 | 23,625 | ||||||
| Net income per share attributable to ordinary shareholders of | |||||||||
| Sunlands Technology Group: | |||||||||
| Basic and diluted | 29.87 | 24.05 | 3.54 | ||||||
| Weighted average shares used in calculating net income | |||||||||
| per ordinary share: | |||||||||
| Basic and diluted | 6,756,532 | 6,664,889 | 6,664,889 | ||||||
| SUNLANDS TECHNOLOGY GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Amounts in thousands) | |||||||||
| For the Six Months Ended June 30, | |||||||||
| 2025 | 2026 | ||||||||
| RMB | RMB | US$ | |||||||
| Net income | 201,821 | 160,307 | 23,625 | ||||||
| Other comprehensive (loss)/gain, net of tax effect of nil: | |||||||||
| Change in cumulative foreign currency translation adjustments | (11,481 | ) | (21,666 | ) | (3,193 | ) | |||
| Unrealized gain on available-for-sale investments, net of tax effect of nil | 52 | 536 | 79 | ||||||
| Total comprehensive income | 190,392 | 139,177 | 20,511 | ||||||
| Less: comprehensive income attributable to non-controlling interest | - | - | - | ||||||
| Comprehensive income attributable to Sunlands Technology Group | 190,392 | 139,177 | 20,511 | ||||||
| SUNLANDS TECHNOLOGY GROUP RECONCILIATION OF GAAP AND NON-GAAP RESULTS (Amounts in thousands) | ||||||
| For the Six Months Ended June 30, | ||||||
| 2025 | 2026 | |||||
| RMB | RMB | |||||
| Net revenues | 1,026,640 | 847,027 | ||||
| Less: other revenues | (119,486 | ) | (112,355 | ) | ||
| Add: tax and surcharges | 42,051 | 29,151 | ||||
| Add: ending deferred revenue | 814,277 | 433,454 | ||||
| Add: ending refund liability | 77,942 | 43,368 | ||||
| Less: beginning deferred revenue | (916,510 | ) | (585,294 | ) | ||
| Less: beginning refund liability | (112,342 | ) | (64,393 | ) | ||
| Gross billings (non-GAAP) | 812,572 | 590,958 | ||||
| Net income | 201,821 | 160,307 | ||||
| Add: income tax expenses | 23,324 | 42,963 | ||||
| Add: depreciation and amortization | 14,423 | 11,953 | ||||
| Add: interest expense | 680 | - | ||||
| Less: interest income | (12,141 | ) | (10,973 | ) | ||
| EBITDA (non-GAAP) | 228,107 | 204,250 | ||||
| Add: Impairment loss on long-lived assets | - | - | ||||
| Adjusted EBITDA (non-GAAP) | 228,107 | 204,250 | ||||
