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Gaotu Techedu Announces Second Quarter of 2021 Unaudited Financial Results and Change to Board Composition

BEIJING, Sept. 22, 2021 /PRNewswire/ -- Gaotu Techedu Inc. (NYSE: GOTU) ("Gaotu" or the "Company"), a leading online large-class tutoring service provider in China, today announced its unaudited financial results for the second quarter ended June 30, 2021. Second Quarter 2021 Highlights[1] Net revenues was RMB2,232.3 million, a 35.3% year-over-year increase. Net revenues of online K-12 courses increased 51.0% year-over-year to RMB2,091.4 million. Gross billings[2] was RMB2,694.7 million, a 12.2% year-over-year increase. Gross billings of online K-12 courses increased 17.2% year-over-year to RMB2,574.5 million. Paid course enrollments[3] increased 4.1% year-over-year to 1,631 thousand. Paid course enrollments of online K-12 increased 4.5% year-over-year to 1,563 thousand. Net loss was RMB918.8 million, compared with net income of RMB18.6 million in the same period of 2020. Non-GAAP net loss was RMB763.9 million, compared with non-GAAP net income of RMB72.7 million in the same period of 2020. Deferred revenue was RMB1,976.4 million, compared with RMB2,733.7 million as of December 31, 2020. Second Quarter 2021 Key Financial and Operating Data (In thousands of RMB, except for paid course enrollments and percentages) Three Months Ended June 30, 2020 2021 Pct. Change Net revenues 1,650,314 2,232,254 35.3% K-12 courses 1,384,968 2,091,355 51.0% Foreign language, professional, admission and other services 265,346 140,899 (46.9%) Gross billings 2,400,996 2,694,732 12.2% K-12 courses 2,196,077 2,574,536 17.2% Foreign language, professional, admission and other services 204,919 120,196 (41.3%) Paid course enrollments (In thousands) 1,567 1,631 4.1% K-12 courses 1,496 1,563 4.5% Foreign language, professional, admission and other services 71 68 (4.2)% Net income (loss) 18,627 (918,791) NM Non-GAAP net income (loss) 72,712 (763,890) NM [1] For a reconciliation of non-GAAP numbers, please see the table captioned "Reconciliations of non-GAAP measures to the most comparable GAAP measures" at the end of this press release. Non-GAAP income (loss) from operations, non-GAAP net income (loss) exclude share-based compensation expenses. [2] Gross billings is a non-GAAP financial measure, which is defined as the total amount of cash received for the sale of course offerings in such period, net of the total amount of refunds in such period. See "About Non-GAAP Financial Measures" and "Reconciliations of non-GAAP measures to the most comparable GAAP measures" elsewhere in this press release. [3] Paid course enrollments for a certain period refer to the cumulative number of paid courses enrolled in and paid for by our students, including multiple paid courses enrolled in and paid for by the same student. Paid courses refer to our courses that are charged not less than RMB99.0 per course in fees. Six Months Ended June 30, 2021 Highlights Net revenues was RMB4,172.6 million, a 41.5% year-over-year increase. Net revenues of online K-12 courses increased 56.0% year-over-year to RMB3,907.6 million. Gross billings was RMB3,876.1 million, a 2.7% year-over-year increase. Gross billings of online K-12 courses increased 8.8% year-over-year to RMB3,577.1 million. Paid course enrollments increased 2.4% year-over-year to 2,398 thousand. Paid course enrollments of online K-12 increased 2.4% year-over-year to 2,195 thousand. Net loss was RMB2,344.7 million, compared with net income of RMB166.6 million in the same period of 2020. Non-GAAP net loss was RMB2,093.3 million, compared with non-GAAP net income of RMB263.5 million in the same period of 2020. First Six Months of 2021 Key Financial and Operating Data (In thousands of RMB, except for paid course enrollments and percentages) Six Months Ended June 30, 2020 2021 Pct. Change Net revenues 2,947,894 4,172,597 41.5% K-12 courses 2,505,057 3,907,626 56.0% Foreign language, professional, admission and other services 442,837 264,971 (40.2)% Gross billings 3,775,395 3,876,074 2.7% K-12 courses 3,286,669 3,577,148 8.8% Foreign language, professional, admission and other services 488,726 298,926 (38.8)% Paid course enrollments (In thousands) 2,341 2,398 2.4% K-12 courses 2,143 2,195 2.4% Foreign language, professional, admission and other services 198 203 2.5% Net income (loss) 166,615 (2,344,710) NM Non-GAAP net income (loss) 263,453 (2,093,310) NM Larry Xiangdong Chen, the Company's founder, Chairman and CEO, commented, "In the second quarter of 2021, our revenue has reached a record high to 2.232 billion RMB. In order to support the equality of education, ever since May, we have successively collaborated with multiple non-profit organizations such as the China Charity's Aid Foundation for Children, the China Youth Development Foundation, the China Next Generation Education Foundation, and the Henan Normal University through cash donation or free course offerings, to aid the revitalization of rural area education and achieve the goal of equal access of education for everyone. At the same time, we have recently and rapidly adjusted the organizational structure of the group, to focus on professional education and STEAM education, and further exploring possibilities on digital products and vocational education. We say that 2014 is Gaotu's first attempt as a startup , and 2016 is our second start, then we can also say that 2021 is our third start. We should always keep the goal of education in mind, always firmly believe that education is a noble profession. It's undeniable that we have boundless faith in the bright future of the Chinese education industry." "Additionally, we are pleased to welcome Ms. Jin Cui to join our Board as the AC Chairwoman. We look forward to drawing upon Ms. Cui's extensive experience as our business continues to grow. We thank Mr. Xin Fan for his dedication for his tenure as Board Director for the past two years. Despite of the change in board, our business strategy remains unchanged." Shannon Shen, CFO of the Company, added, "In the second quarter, we have upgraded our organizational structure. We will continue to develop in the area of professional education, STEAM education, vocational education and product digitalization. In exploring professional education, the public office exam sector has maintained its relatively high level; paid users in the financial certificate sector have increased 4 times year over year. Professional education is rapidly changing and upgrading. In the future, we will focus on those areas that are strongly supported by the government, creating a multi-facet, interactive platform that encompassing all educational categories for life-long learning." Financial Results for the Second Quarter of 2021 Net Revenues Net revenues reached RMB2,232.3 million, a 35.3% increase from RMB1,650.3 million in the second quarter of 2020. The increase was mainly driven by the growth in paid course enrollments for K-12 courses during the period from the fourth quarter of 2020 to the second quarter of 2021, which was contributed by both first-time paid course enrollments and retention of existing students. The net revenues in the second quarter of 2021 was partially attributable to the paid course enrollments of the fourth quarter of 2020. Cost of Revenues Cost of revenues rose by 100.8% to RMB724.3 million from RMB360.7 million in the second quarter of 2020, mainly due to the increased recruitment of instructors and tutors, the increase in compensation for attracting and retaining high quality teaching staff, as well as the increase in learning material cost and rental expenses. Gross Profit and Gross Margin Gross profit increased 16.9% to RMB1,508.0 million from RMB1,289.7 million in the second quarter of 2020. Gross profit margin decreased to 67.6% from 78.1% in the same period of 2020. The decrease was primarily due to the increase in compensation for instructors and tutors, simultaneously resulting from the increased number of them and more competitive salaries provided, to attract excellent talents to improve teaching quality and students' learning experience. Non-GAAP gross profit increased by 18.2% to RMB1,543.5 million from RMB1,305.4 million in the same period of 2020. Non-GAAP gross profit margin decreased to 69.1% from 79.1% in the same period of 2020. Operating Expenses Operating expenses were RMB2,362.7 million, which increased from RMB1,450.4 million in the second quarter of 2020. Selling expenses increased to RMB1,641.1 million from RMB1,204.8 million in the second quarter of 2020. The increase was primarily a result of higher marketing expenses to expand user base and enhance our brands, and an increase in compensation to sales and marketing staff. Research and development expenses increased by 204.9% to RMB426.5 million, from RMB139.9 million in the second quarter of 2020. The increase was primarily due to an increase in the number of education content development professionals and technology development personnel, as well as an increase in compensation for such staff. General and administrative expenses increased to RMB242.0 million from RMB105.7 million in the second quarter of 2020. The increase in general and administrative expenses was mainly due to an increase in the number of general and administrative personnel, an increase in compensation paid to such staff. Impairment loss on intangible assets and goodwill was RMB53.1 million for the second quarter of 2021, compared to nil for the same period of 2020. The impairment loss was mainly due to the decline of fair value related to the intangible assets and goodwill in connection with the acquisition of Tianjin Puxin Online School Education Technology Co., Ltd. that was completed in December 2020. Considering recent regulatory policies concerning after-school tutoring services, the acquisition will not likely to achieve the target goals the management had estimated at the time of acquisition. Loss from Operations Loss from operations was RMB854.7 million, compared with the loss from operations of RMB160.8 million in the second quarter of 2020. The decrease was primarily due to higher spending in sales and marketing activities to extend volume growth and strengthen brand perception and an increase in the number of personnel, as well as an increase in compensation for our staff. Non-GAAP loss from operations was RMB699.8 million, compared with non-GAAP loss from operations of RMB106.7 million in the second quarter of 2020. Interest Income and Realized Gains from Investment Interest income and realized gains from investments, on aggregate, was RMB23.5 million, compared with RMB24.2 million in the second quarter of 2020. Interest income and realized gains from investments was primarily the interest income of cash, cash equivalents and short-term wealth management investments, as well as the realization of gains generated from short-term and long-term wealth management investments. Other Income (Expense) Other expense was RMB36.5 million, compared with other income of RMB87.7 million in the second quarter of 2020. Other expense in the second quarter of 2021 primarily consisted of related cost of the value-added tax exemption offered by the government during the COVID-19 outbreak, which amounted to RMB56.7 million, net of other income of RMB20.2 million. Net Income (Loss) Net loss was RMB918.8 million, compared with net income of RMB18.6 million in the second quarter of 2020. Non-GAAP net loss was RMB763.9 million, compared with non-GAAP net income of RMB72.7 million in the second quarter of 2020. Cash Flow Net operating cash outflow for the second quarter of 2021 was RMB318.6 million. The outflow of net operating cash this quarter was primarily due to higher marketing expenses paid to improve our market share and brand awareness, and an increase in compensation. Cash used in capital expenditures was RMB107.0 million. Basic and Diluted Net Loss per ADS Basic and diluted net loss per ADS were RMB3.59, in the second quarter of 2021. Non-GAAP basic and diluted net loss per ADS, were RMB2.99, in the second quarter of 2021. Share Outstanding As of June 30, 2021, the Company had 170,935,557 ordinary shares outstanding. Cash and Cash Equivalents, Restricted Cash, Short-term Investments and Long-term Investments As of June 30, 2021, the Company had cash and cash equivalents, restricted cash, short-term investments and long-term investments of RMB5,486.9 million in the aggregate, compared with a total of RMB8,217.2 million of cash and cash equivalents, short-term investments and long-term investments as of December 31, 2020. Deferred Revenue As of June 30, 2021, the Company's deferred revenue balance was RMB1,976.4 million, compared with RMB2,733.7 million as of December 31, 2020. Deferred revenue primarily consisted of tuition collected in advance. Other Payables As of June 30, 2021, other payables in non-current liabilities totaled RMB26.6 million, all of which were payables related to the purchase of the Zhengzhou properties. Update on PRC Regulatory Policy As previously disclosed, Gaotu's business, financial condition and corporate structure are expected to be materially affected in future periods by the changing regulatory environment primarily in China's after school tutoring industry, although the magnitude of the impact remains uncertain at this time. Business Outlook Due to the uncertainty related to the recent regulatory and operating environment, the Company has decided not to issue guidance in the near term in order to give the management more flexibility to focus on the Company's operations. Board Change Mr. Xin Fan has resigned from the board of directors of the Company, for personal reasons, effective on September 22, 2021. The Company has appointed Ms. Jin Cui as an independent director of the Company, effective on the same day. Ms. Cui will also become the chairwoman of the audit committee of the board of directors, as well as a member of the compensation committee and the nominating and corporate governance committee. Conference Call The Company will hold an earnings conference call on Wednesday, September 22, 2021, at 8:00 AM U.S. Eastern Time (8:00 PM on the same day, Beijing/Hong Kong Time). Dial-in details for the earnings conference call are as follows: International: 1-412-317-6061 US: 1-888-317-6003 Hong Kong: 800-963976 Mainland China: 4001-206115 Passcode: 4155009 A telephone replay will be available two hours after the conclusion of the conference call through September 29, 2021. The dial-in details are: International: 1-412-317-0088 US: 1-877-344-7529 Passcode: 10160189 Additionally, a live and archived webcast of this conference call will be available at http://ir.gaotu.cn/home. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the Company's strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's ability to continue to attract students to enroll in its courses; the Company's ability to continue to recruit, train and retain qualified teachers; the Company's ability to improve the content of its existing course offerings and to develop new courses; the Company's ability to maintain and enhance its brand; the Company's ability to maintain and continue to improve its teaching results; and the Company's ability to compete effectively against its competitors. Further information regarding these and other risks is included in the Company's reports filed with, or furnished to the U.S. Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no duty to update such information or any forward-looking statement, except as required under applicable law. About Gaotu Techedu Inc. Gaotu is a technology-driven education company and online large-class tutoring service provider in China. The Company offers foreign language, vocational, professional and admission courses, STEAM courses, as well as K-12 courses. Gaotu adopts an online live large-class format to deliver its courses, which the Company believes is the most effective and scalable model to disseminate scarce, high-quality teaching resources to aspiring students in China. The Company leverages big data analytics and the latest technologies in multiple aspects of its business to improve teaching delivery, student learning experience, and operational efficiency. About Non-GAAP Financial Measures The Company uses gross billings, non-GAAP gross profit, non-GAAP income (loss) from operations and non-GAAP net income (loss), each a non-GAAP financial measure, in evaluating its operating results and for financial and operational decision-making purposes. The Company defines gross billings for a specific period as the total amount of cash received for the sale of course offerings in such period, net of the total amount of refunds in such period. The Company's management uses gross billings as a performance measurement because the Company generally bills its students for the entire course fee at the time of sale of its course offerings and recognizes revenue proportionally as the classes are delivered over usually no more than 60 classes for K-12 courses. For some courses, the Company continues to provide students with 12 months to 36 months access to the pre-recorded audio-video courses after the online live courses are delivered. The Company believes that gross billings provides valuable insight into the sales of its course packages and the performance of its business. As gross billings have material limitations as an analytical metrics and may not be calculated in the same manner by all companies, it may not be comparable to other similarly titled measures used by other companies. Non-GAAP gross profit, non-GAAP income (loss) from operations and non-GAAP net income (loss) exclude share-based compensation expenses, and such adjustment excludes the impact on income tax. The Company believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding share-based expenses that may not be indicative of its operating performance from a cash perspective. The Company believes that both management and investors benefit from these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management's internal comparisons to the Company's historical performance. A limitation of using non-GAAP measures is that these non-GAAP measures exclude share-based compensation charges that have been and will continue to be for the foreseeable future a significant recurring expense in the Company's business. The presentation of these non-GAAP financial measures is not intended to be considered in isolation from or as a substitute for the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of non-GAAP measures to the most comparable GAAP measures" set forth at the end of this release. The accompanying tables have more details on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures. Exchange Rate The Company's business is primarily conducted in China and the significant majority of revenues generated are denominated in Renminbi ("RMB"). This announcement contains currency conversions of RMB amounts into U.S. dollars ("USD") solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to USD are made at a rate of RMB6.4566 to USD1.0000, the effective noon buying rate for June 30, 2021 as set forth in the H.10 statistical release of the Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into USD at that rate on June 30, 2021, or at any other rate. For further information, please contact: Gaotu Techedu Inc.Ms. Sandy Qin, CFAE-mail: ir@gaotu.cn Christensen In ChinaMs. Vivian WangPhone: +852 2232 3978E-mail: gotu@christensenir.com In USMs. Linda BergkampPhone: +1-480-614-3004Email: lbergkamp@christensenir.com Gaotu Techedu Inc. Unaudited condensed consolidated balance sheets (In thousands of RMB and USD, except for share, per share and per ADS data) As of December 31, As of June 30, 2020 2021 2021 RMB RMB USD ASSETS Current assets Cash and cash equivalents 355,224 1,005,328 155,705 Restricted cash - 13,453 2,084 Short-term investments 7,331,268 3,949,619 611,718 Inventory 48,074 62,722 9,714 Prepaid expenses and other current assets 722,682 690,698 106,976 Total current assets 8,457,248 5,721,820 886,197 Non-current assets Operating lease right-of-use assets 806,591 856,626 132,674 Property, equipment and software, net 704,338 857,780 132,853 Land use rights, net 28,983 28,580 4,426 Long-term investments 530,729 518,549 80,313 Deferred tax assets 48,324 - - Rental deposit 51,499 53,530 8,291 Other non-current assets 58,080 2,507 388 TOTAL ASSETS 10,685,792 8,039,392 1,245,142 LIABILITIES Current liabilities Accrued expenses and other current liabilities (including accrued expenses and other current liabilities of the consolidated VIE without recourse to the Group of RMB623,002 and RMB1,104,191 as of December 31, 2020 and June 30, 2021, respectively) 1,315,502 1,513,739 234,447 Deferred revenue, current portion of the consolidated VIE without recourse to the Group 2,724,614 1,968,608 304,899 Current portion of operating lease liabilities (including current portion of operating lease liabilities of the consolidated VIE without recourse to the Group of RMB125,986 and RMB210,496 as of December 31, 2020 and June 30, 2021, respectively) 152,622 241,515 37,406 Income tax payable of the consolidated VIE without recourse to the Group 4,654 - - Total Current liabilities 4,197,392 3,723,862 576,752 Gaotu Techedu Inc. Unaudited condensed consolidated balance sheets (In thousands of RMB and USD, except for share, per share and per ADS data) As of December 31, As of June 30, 2020 2021 2021 RMB RMB USD Non-current liabilities Deferred revenue, non-current portion of the consolidated VIE without recourse to the Group 9,125 7,761 1,202 Non-current portion of operating lease liabilities (including non-current portion of operating lease liabilities of the consolidated VIE without recourse to the Group of RMB527,692 and RMB534,172 as of December 31, 2020 and June 30, 2021, respectively) 644,143 615,227 95,287 Deferred tax liabilitie

O.C. Tanner Unveils Landmark Study, the 2022 Global Culture Report, as Companies Continue to Navigate the "Great Resignation" Era

In a world where employers no longer hold all of the cards, the fourth annual report provides a roadmap for organisations as they move out of crisis and look to refine or rebuild their cultures SALT LAKE CITY, Sept. 22, 2021 /PRNewswire/ -- O.C. Tanner, the global leader in employee recognition and workplace culture, today announced the release of its 2022 Global Culture Report. In its fourth year, the report provides an in-depth look at timely workplace culture and employee experience issues based on data gathered from over 38,000 employees, leaders, HR practitioners, and executives from 21 countries worldwide. The report was announced at O.C. Tanner's annual culture conference, Influence Greatness, which took place virtually for the second consecutive year. "Demonstrating a causal relationship between employee recognition and the strength of connection between employees, this year's landmark study supports over a decade of research to show that recognition is a critical tool for organisations, particularly in an era rife with disconnection and social fragmentation," said Dr. Alexander Lovell, Director of Research and Data Science at the O.C. Tanner Institute. "Additionally, our research makes clear that the recent 'Great Resignation' phenomenon is only the beginning. Repairing the damaged aspects of workplace cultures is imperative, but will not be easy. It will take time to thoroughly rethink long-held beliefs about the employee experience and approaches to building workplace culture, and we hope this report will act as a guide for those company leaders looking to do so." As companies approach a post-pandemic era, the report highlights some of their greatest challenges: creating meaningful employee experiences and connecting people across the organisation. Generic, top-down programs for collaboration, recognition, and growth will no longer be effective. Because the pandemic has affected employees in extremely different ways, personalising the employee experience will be crucial to building inclusive cultures. Leaders will have to inspire great work in their people regardless of where it's done. As they look to reimagine the workplace, organisations today have the opportunity to refresh their cultures—to exceed the best of their old normal, evolve their employee experiences, and focus on what will truly drive business results. "The former concept of workplace 'normalcy' left the building in March 2020, and it's not coming back," said Gary Beckstrand, Vice President of the O.C. Tanner Institute. "A new landscape of work and business has emerged from the pandemic, and helping employees feel connected to purpose, accomplishment, and one another—no matter where or when they work—is more important than ever. With so much continued uncertainty, the 2022 Global Culture Report shines a light on the specific elements that organisations need to prioritise as they look to navigate the next phase of work." "No matter how tempting it may be to revert back to pre-pandemic modes of thinking and working, the 2022 Global Culture Report emphasises the need for organisations across the globe to continue the march forward," said Alan Heyward, Managing Director for Asia Pacific at O. C. Tanner. "As markets recover and HR leaders continue to assert their position as a strategic partner through trying times, the findings from this extensive research can prove to be invaluable." Sample key findings include: The average employee engagement score is down 18% from last year's report. Crucial elements of successful hybrid employee experiences: Career development program: 68% Flexibility to choose the number of days worked remotely: 65% Clear expectations for availability when working remotely: 65% Opportunities for in-person social connection with coworkers: 58% When employees have schedule and location flexibility at work, the probability of cultural outcomes increase: Engagement: 41% Retention: 77% Likelihood to be a Promoter on the eNPS scale: 41% 61% of employees say the workplace is where they form most of their new friendships and that their social group at work inspires them to do their best work. 45% of employees say the number of individuals they regularly interact with at work has decreased significantly over the past year, and 57% say they engage in fewer social activities. In addition, 1 in 3 employees feel disconnected from their leader, furthering feelings of isolation and loneliness. When employees feel less connected to their workplace, culture, and purpose, the likelihood of great work falls 90%, the probability of burnout increases 11x, and the odds that employees will leave within three years surge 6x. Five distinct employee personas emerged and were defined, each with their own general focus, work style and self-esteem: Socialiser, Tasker, Builder, Coaster, and Achiever. Each of these personas has a different probability of being engaged, and a different probability of doing great work. Builders and Socialisers have the highest likelihood of doing great work, while Coasters have the least. Achievers have a relatively high probability of engagement, but not great work. Different types of recognition affect feelings of connection differently for each group. For the often-introverted Tasker, public praise has a negative effect, but eCards and monetary eCards increase connection. For Builders, any form of recognition builds connection. Public appreciation has the most significant impact on the more outgoing Achievers. The formula for creating peak employee experiences starts with meeting three basic needs: autonomy, connection, and mastery. When leaders understand employees' recognition preferences and personalise recognition moments, the odds of higher autonomy satisfaction improve 126% and the chances of higher connection satisfaction jump 145%. Leaders who advocate for employee development increase the likelihood of satisfying autonomy needs by 115%, connection needs by 124%, and mastery needs by 131%. Organisations have a 7.5x increased likelihood of improving the employee experience when they meet the needs of employee autonomy, connection and mastery. This comprehensive report, which serves up actionable data for business leaders seeking change, can be accessed at O.C. Tanner's website here: https://www.octanner.com/global-culture-report.html. About O.C. TannerO.C. Tanner is the global leader in software and services that improve workplace culture through meaningful employee experiences. Its Culture Cloud employee recognition platform helps people feel appreciated, do their best work, and want to stay. O.C. Tanner drives positive business results by helping millions of people thrive at work. For more information visit octanner.com. Research MethodologyThe O.C. Tanner Institute uses multiple research methods to support the Global Culture Report, including interviews, focus groups, cross-sectional surveys, and a longitudinal survey. Qualitative findings came from 16 focus groups and 85 interviews among employees and leaders of larger organizations. Each group represented various types of employers, including both private and public entities. Quantitative findings came from online survey interviews administered to employees across Argentina, Australia, Brazil, Canada, China, France, Germany, Hong Kong, India, Japan, Mexico, the Netherlands, Philippines, Russia, Saudi Arabia, Singapore, South Africa, South Korea, the United Arab Emirates, the United Kingdom, and the United States. The total sample size is 38,177 workers at companies with 500+ employees. Logo - https://mma.prnasia.com/media2/543437/OC_Tanner__Logo.jpg?p=medium600

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