新东方-S(09901) - 2022 - 中期财报

Financial Performance - New Oriental Education reported a significant decline in total revenue due to the cessation of K-9 subject-related training services, impacting the six-month period ending November 30, 2021[3]. - Net revenue for the six months ended November 30, 2021, was $1,967,132, an increase from$1,874,055 for the same period in 2020, representing a growth of approximately 4.97%[9]. - Total operating costs and expenses for the six months ended November 30, 2021, were $2,702,802, compared to$1,755,897 in 2020, indicating an increase of about 53.73%[9]. - The company reported a net loss of $907,960 for the six months ended November 30, 2021, compared to a net profit of$178,613 in the same period of 2020, reflecting a significant decline in profitability[9]. - Basic and diluted net loss per American Depositary Share (ADS) for the six months ended November 30, 2021, was $(0.52), compared to a profit of$0.14 for the same period in 2020[9]. - The company experienced a loss of $(14,323) from changes in the fair value of investments for the six months ended November 30, 2021, compared to a loss of$(2,154) in 2020[9]. - Non-controlling interests accounted for a net loss of $31,980 for the six months ended November 30, 2021, compared to$49,941 in the same period of 2020[9]. - The company’s total operating loss for the six months ended November 30, 2021, was $(735,670), a significant decrease from an operating profit of$118,158 in the same period of 2020[9]. Assets and Liabilities - Total assets decreased from $10,151,053 thousand as of May 31, 2021, to$7,614,312 thousand as of November 30, 2021, representing a reduction of approximately 25.3%[4][8]. - Current assets fell from $6,574,155 thousand to$5,154,963 thousand, a decrease of about 21.5%[4]. - Total liabilities decreased from $5,132,877 thousand to$3,433,761 thousand, a reduction of approximately 33.1%[7][8]. - Shareholders' equity decreased from $5,018,176 thousand to$4,180,551 thousand, reflecting a decline of approximately 16.7%[8]. - Cash and cash equivalents were reported at $1,218 thousand, with short-term investments totaling$2,632,398 thousand as of November 30, 2021[4]. - Cash and cash equivalents, and restricted cash decreased by $581,997, ending at$1,050,130 for the six months ended November 30, 2021, down from $2,648,124 in 2020[12]. Operational Changes - The company has shifted focus towards non-K-9 educational products and services, including exam preparation courses and adult language training[3]. - The company incurred increased costs and expenses due to the termination of multiple learning center lease agreements and a layoff plan[3]. - The company plans to explore new business opportunities leveraging its operational experience and brand recognition[3]. - New Oriental will continue to seek guidance from government authorities and adjust its operations according to policy directives[3]. Cash Flow - Operating cash used for the six months ended November 30, 2021, was$(1,074,835), compared to cash generated from operations of $802,276 in the same period of 2020[12]. - The total cash flow from investing activities for the six months ended November 30, 2021, was$653,374, compared to cash used of $(796,800) in 2020[12].