新东方-S(09901) - 2023 - 中期财报

Financial Performance - For the second quarter of fiscal year 2023, net revenue decreased by 3.1% year-over-year to $638.2 million[3]. - The operating loss for the second quarter was$2.5 million, a significant improvement from an operating loss of $768.1 million in the same period last year[3]. - Net profit attributable to New Oriental shareholders was$0.7 million, compared to a net loss of $936.5 million in the previous year[3]. - For the first half of fiscal year 2023, net revenue was$1.38 billion, down 29.7% from $1.97 billion in the first half of fiscal year 2022[5]. - The operating profit for the first half was$75.5 million, a turnaround from an operating loss of $735.7 million in the same period last year[5]. - Non-GAAP operating profit for the second quarter was$16.3 million, compared to a loss of $737.1 million in the same period last year, representing a 102.2$17.8 million for the second quarter, a significant recovery from a loss of $901.6 million in the previous year[4]. - Basic earnings per ADS for the second quarter was$0.00, a recovery from a loss of $5.52 in the same period last year[4]. - For the first six months of FY2023, New Oriental's net revenue was$1,383.0 million, a year-over-year decrease of 29.7%, but the operating profit was $75.5 million compared to a loss of$735.7 million in the same period last year[14]. - The company reported a net profit of $16.6 million for the three months ended November 30, 2022, compared to a net loss of$(950.6) million in the same period last year[26]. - The company reported a net profit of $101,167 for the three months ended November 30, 2022, compared to a net loss of$907,960 in the same period of 2021[33]. Operational Metrics - The total number of schools and learning centers as of November 30, 2022, was 708, an increase of 2 from 706 as of August 31, 2022, but a decrease of 585 from 1,293 as of November 30, 2021[7]. - The total number of schools and learning centers reached 708 by the end of the quarter, with a strategic focus on opportunities in major domestic cities[10]. - The company continues to focus on improving operational efficiency and expanding its educational offerings despite the challenges faced in the market[2]. - The company is actively involved in the online education sector, providing a diverse range of courses and services for students of all ages in China[19]. Cash Flow and Assets - New Oriental's net operating cash flow for Q2 was approximately $173.7 million, with capital expenditures of$11.4 million[13]. - Total current assets increased to $4.6 billion as of November 30, 2022, up from$4.5 billion as of May 31, 2022[24]. - Cash and cash equivalents decreased to $1.03 billion from$1.15 billion over the same period[24]. - New Oriental's cash and cash equivalents totaled approximately $1,029.9 million, with total short-term investments amounting to$2,145.7 million[13]. - Operating cash flow for the six months ended November 30, 2022, was $358,917, compared to a negative cash flow of$(1,074,835) in the prior year[38]. Liabilities and Equity - Total liabilities increased to $2.28 billion as of November 30, 2022, compared to$2.24 billion as of May 31, 2022[25]. - The company’s total equity was $3.74 billion as of November 30, 2022, down from$3.79 billion as of May 31, 2022[25]. Future Outlook - For the third quarter of fiscal year 2023, New Oriental expects net revenue to be between USD 702.8 million and USD 719.8 million, representing a year-over-year growth rate of 14% to 17%[18]. - The anticipated net revenue growth in RMB for the third quarter is projected to be between 24% and 27%[18]. - New Oriental plans to change its name to "East Buy Holding Limited" to align with its current and future business direction[17]. - New Oriental's management will hold an earnings conference call on January 17, 2023, to discuss the financial results and future outlook[18]. Shareholder Actions - New Oriental's share repurchase program authorized up to $400 million, with approximately 3.1 million shares repurchased for a total value of about$79.0 million as of January 16, 2023[9]. Financial Metrics - The company emphasizes the importance of Non-GAAP financial metrics to provide additional insights into its performance and liquidity[21]. - The company’s operating profit margin under non-GAAP was 5.5% for the three months ended November 30, 2022, compared to -37.4% in the same period of 2021[35]. - The company experienced a foreign exchange impact of $(35,997) on cash flow for the three months ended November 30, 2022[32]. - General and administrative expenses were reduced to$465,003 for the three months ended November 30, 2022, down from $1,291,682 in the same period of 2021[33].