GSX Announces Second Quarter 2020 Unaudited Financial Results

BEIJING, Sept.A 2, 2020 /PRNewswire/ -- GSX Techedu Inc. (NYSE: GSX) ("GSX" or the "Company"), a leading online K-12 large-class after-school tutoring service provider in China, today announced its unaudited financial results for the second quarter ended June 30, 2020.Second Quarter 2020 Highlights[1]

Net revenues was RMB1,650.3 million, a 366.6% year-over-year increase.
-A  Net revenues of online K-12 courses increased 412.4% year-over-year to RMB1,385.0 million.

Gross billings[2] was RMB2,401.0 million, a 300.6% year-over-year increase.
-A  Gross billings of online K-12 courses increased 335.5% year-over-year to RMB2,196.1 million.

Paid course enrollments[3] increased 331.7% year-over-year to 1,567 thousand.
-A  Paid course enrollments of online K-12 increased 366.0% year-over-year to 1,496 thousand.

Net income increased 13.4% year-over-year to RMB18.6 million.

Non-GAAP net income increased 133.0% year-over-year to RMB72.7 million.

Net operating cash inflow increased 172.4% year-over-year to RMB528.0 million.

Second Quarter 2020 Key Financial and Operating Data
(In thousands of RMB, except for paid course enrollments and percentages)

Three Months Ended June 30,

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