Gaotu Techedu, Inc. (NYSE:GOTU) Q2 2022 Earnings Conference Call September 8, 2022 8:00 AM ET
Company Participants
Sherry Liu - IR Manager
Larry Chen - Founder, Chairman & CEO
Nan Shen - CFO
Conference Call Participants
Mark Li - Citigroup
Operator
Ladies and gentlemen, thank you for standing by, and welcome to the Gaotu Techedu Inc. Second Quarter 2022 Earnings Conference Call. [Operator Instructions]. Please note this event is being recorded. I would now like to turn the conference over to Ms. Sherry Liu, IR Manager of Gaotu. Please go ahead.
Sherry Liu
Thank you very much, operator. Good evening, everyone, and thank you all for joining us tonight. For Gaotu Second Quarter 2020 Earnings Conference Call. Gaotu's second quarter earnings release was published earlier today and is available on the company's IR website at ir.gaotu.ca. On the call with me tonight are Mr. Larry Chen, Gauto's Founder, Chairman and Chief Executive Officer; and Ms. Shanahan, Sato's Chief Financial Officer. Larry will give the general business overview for the quarter, and Nan Shen will discuss the financials -- on the prepared remarks, Larry and Nan Shen will be available for the Q&A session. I will translate for Larry. Before we begin, I'd like to remind you that this conference call will contain forward-looking statements as we file in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are based upon management's current beliefs and expectations as well as the current market and operating conditions, and they will involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict, many of which are beyond the company's control and may cause the company's actual results, performance or achievements to differ materially from those contained in any forward-looking statements. Further information regarding these and other risks is included in the company's filings with the U.S. SEC.
The company does not undertake any obligation to update any forward-looking statements, except as required under applicable law. As a reminder, this conference is being recorded. In addition, a live and archived webcast of this conference call will be available on Gaotu's IR website.
It is now my pleasure to introduce Larry. Larry, please go ahead.
Larry Chen
Thank you, Sherry. Thank you for joining us on Gaotu's Second Quarter 2022 Earnings Conference Call. Before I start, I would like to remind everyone that all financial information that I mention later is based on RMB unless otherwise noted. During the second quarter of this year, our STEAM sales sustained a healthy and stable growth. Our growth billing nearly doubled compared with that of last quarter, and we successfully generated positive net operating cash flow. Moreover, our net loss substantially narrowed year-over-year, and this is the third consecutive quarter that we realized non-GAAP profitability after our business restructuring. Going forward, we will continue to focus on educational services for college students and adult, non-academic tutoring services and educational contents and digitalized learning products, continue to uphold our strategy of profitable growth and continue to strive for effective growth through improving operational efficiency and optimizing cost structure.