Youdao Reports First Quarter 2020 Unaudited Financial Results

HANGZHOU, China, May 19, 2020 /PRNewswire/ --A Youdao, Inc. ("Youdao" or the "Company") (NYSE: DAO), a leading intelligent learning company in China, today announced its unaudited financial results for the first quarter ended March 31, 2020.First Quarter 2020 Financial Highlights

Total net revenues were RMB541.4 million (US$76.5 million), a 139.8% increase from the same period in 2019.
- Net revenues from learning services and products were RMB442.1 million (US$62.4 million), a 226.4% increase from the same period in 2019.
- Net revenues from online marketing services were RMB99.3 million (US$14.0 million), a 9.9% increase from the same period in 2019.

Gross billings of online courses[1] increased 286.8% year-over-year to RMB518.6 million (US$73.2 million) and gross billings of Youdao Premium Courses[2] increased 311.9% year-over-year to RMB446.2 million (US$63.0 million).

Gross margin was 43.5%, compared with 23.4% for the same period in 2019.

Deferred revenue from online courses was RMB549.3 million (US$77.6 million), compared with RMB407.9 million as of December 31, 2019.

[1]A Gross billings is a non-GAAP financial measure.A Gross billings for a specific period refers to the total amount of consideration for Youdao's online courses sold on Youdao Premium Courses, NetEase Cloud Classroom and China University MOOC, net of the total amount of refunds, in such period. See "Non-GAAP Measures" and "Unaudited Reconciliation of GAAP and non-GAAP Results" at the end ofA this press release.

[2]Youdao Premium Courses are Youdao's flagship online learning offerings primarily focused on K-12 students, covering a wide spectrum of subject matters, learning goals and areas of interest.

First Quarter 2020 Key Operating and Financial Data
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