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新东方-S(09901) - 2025 Q1 - 季度业绩
09901NEW ORIENTAL(09901)2024-10-23 09:12

Financial Performance - For the first quarter of fiscal year 2025, net revenue increased by 30.5% year-over-year to 1,435.4million,whilenetrevenueexcludingtherevenuefromself−operatedproductsandlivee−commercebusinessroseby33.51,435.4 million, while net revenue excluding the revenue from self-operated products and live e-commerce business rose by 33.5% to 1,278.2 million[3]. - Operating profit for the first quarter of fiscal year 2025 rose by 42.9% year-over-year to 293.2million,andoperatingprofitexcludinglossesfromself−operatedproductsandlivee−commercebusinessincreasedby58.4293.2 million, and operating profit excluding losses from self-operated products and live e-commerce business increased by 58.4% to 303.1 million[3]. - Net profit attributable to New Oriental shareholders increased by 48.4% year-over-year to 245.4million[3].−BasicearningsperADSincreasedby48.6245.4 million[3]. - Basic earnings per ADS increased by 48.6% year-over-year to 1.49, while diluted earnings per ADS rose by 49.6% to 1.48[3].−Non−GAAPnetprofitattributabletoNewOrientalincreasedby39.81.48[3]. - Non-GAAP net profit attributable to New Oriental increased by 39.8% year-over-year to 264.7 million[3]. - The operating profit for the quarter was 293.2million,representingayear−over−yearincreaseof42.9293.2 million, representing a year-over-year increase of 42.9%[9]. - The GAAP operating profit margin was 23.7%, an increase of 370 basis points year-over-year[8]. - Non-GAAP operating profit margin was 24.4%, up 220 basis points compared to the previous year[8]. - The company reported a non-GAAP net profit of 264,732 for the three months ended August 31, 2024, compared to 189,318inthesameperiodof2023[25].BusinessGrowth−Thetotalnumberofschoolsandlearningcentersreached1,089,anincreaseof64from1,025asofMay31,2024,andanincreaseof296from793asofAugust31,2023[5].−Theoverseasexampreparationandconsultationbusinessesgrewapproximately18.8189,318 in the same period of 2023[25]. Business Growth - The total number of schools and learning centers reached 1,089, an increase of 64 from 1,025 as of May 31, 2024, and an increase of 296 from 793 as of August 31, 2023[5]. - The overseas exam preparation and consultation businesses grew approximately 18.8% and 20.7% year-over-year, respectively[5]. - Domestic exam preparation business for adults and college students recorded a year-over-year growth of approximately 30.4%[5]. - New educational businesses maintained strong growth momentum with a year-over-year revenue increase of 49.8%[5]. - Active paying users for the smart learning system and equipment reached approximately 323,000 in about 60 cities during the quarter[5]. Cash Flow and Assets - The company achieved a net operating cash flow of approximately 183.2 million for the quarter[12]. - Cash and cash equivalents, along with time deposits and short-term investments, totaled approximately 4.9billionattheendofthequarter[8].−AsofAugust31,2024,totalassetsamountedto4.9 billion at the end of the quarter[8]. - As of August 31, 2024, total assets amounted to 7,709,118 thousand, an increase from 7,531,673thousandasofMay31,2024[22].−Totalliabilitiesdecreasedslightlyto7,531,673 thousand as of May 31, 2024[22]. - Total liabilities decreased slightly to 3,470,179 thousand from 3,482,659thousand[23].−Cashandcashequivalentswerereportedat3,482,659 thousand[23]. - Cash and cash equivalents were reported at 1,146,959 thousand, down from 1,389,359thousand[22].−Thecompany’stotalequityincreasedto1,389,359 thousand[22]. - The company’s total equity increased to 4,238,939 thousand from 4,049,014thousand[23].−Thecurrentassetstotalled4,049,014 thousand[23]. - The current assets totalled 5,491,293 thousand, compared to 5,388,878thousandpreviously[22].−Thecompanyexperiencedadeclineincashandcashequivalents,withanetchangeof5,388,878 thousand previously[22]. - The company experienced a decline in cash and cash equivalents, with a net change of (237,953) for the three months ended August 31, 2024[28]. Future Outlook - New Oriental plans to achieve net revenue between 851.4millionand851.4 million and 871.8 million for the second quarter of fiscal year 2025, reflecting a year-over-year growth rate of 25% to 28%[14]. - The company has authorized a share repurchase plan of up to 700million,extendeduntilMay31,2025,withapproximately9.8millionADSrepurchasedforabout700 million, extended until May 31, 2025, with approximately 9.8 million ADS repurchased for about 457.9 million as of October 22, 2024[6]. - Future outlook includes managing the expansion of the school network effectively while navigating regulatory uncertainties in the private education sector in China[19]. Financial Metrics and Reporting - The company reported a net income excluding stock-based compensation and investment fair value changes, providing a clearer view of operational performance[20]. - Deferred revenue stood at 1,733,126thousand,adecreasefrom1,733,126 thousand, a decrease from 1,780,063 thousand[23]. - The company emphasized the importance of Non-GAAP financial metrics for assessing performance and liquidity[20].