Key Points
1. The resilience of the key remaining businesses is notable: overseas exam preparation revenue grew by 6% in USD terms for fiscal year 2022, overseas study consulting revenue increased by 16% year-over-year, and adult and college student business revenue surged by 30% year-over-year.
2. The company invested $36 million in Q4 of 2022 and $166 million during the fiscal year 2022 to improve and maintain its OMO teaching platform, ensuring high-quality services and flexibility for students amid the pandemic.
3. The company has now entered a new phase of exploration with greater flexibility and robust cash flow, expressing confidence in the sustainable profitability of all remaining core businesses and in the growth and profit potential of new initiatives. These initiatives are expected to contribute significant revenue starting from the next fiscal year.
4. Dongfang Zhenxuan innovatively integrates knowledge sharing with agricultural product promotion, gaining widespread recognition across media in China and other countries.
Main Body
Q4 2022 Financial Data
- Operating costs and expenses for this quarter were $629.7 million, a decrease of 52.1% year-over-year. Non-GAAP operating costs and expenses (excluding share-based compensation expenses) were $600.9 million, down 53.6% year-over-year. The reduction was primarily due to fewer facilities and employees as a result of restructuring during the fiscal year.
- Cost of revenue decreased by 57.2% year-over-year to $247.8 million. Sales and marketing...