51Talk (NYSE: COE), an online language learning platform in China, announced its unaudited financial results for the full year ended December 31, 2021.
Net revenues were RMB2.16 billion (US$340 million), a 5.5% increase from 2020. GAAP net income was RMB105.7 million (US$16.6 million), compared with GAAP net income of RMB147.0 million for the full year of 2020.
Operating cash outflow was RMB676.1 million (US$106.1 million), compared with RMB719.2 million in cash inflow for the full year of 2020.
"In response to the changes in regulations related to After-School Tutoring ("AST") promulgated by the Chinese government, we have taken measures to restructure our business so that the Company's 2022 strategy will keenly focus on overseas business. In the fourth quarter, net gross billings of overseas business have reached $2.9 million, representing 222.1% sequential growth," said Jack Jiajia Huang, Founder, Chairman and CEO of 51Talk.
He added that the company has extended product offerings to students in more than 50 countries and regions outside the Chinese mainland.
For the first quarter of 2022, the company currently expects net gross billings of oversea business to be between $4.4 million and $4.6 million.