新东方-S(09901) - 2022 Q3 - 季度财报

Financial Performance - For the third quarter of fiscal year 2022, net revenue decreased by 48.4% to $614.1 million compared to$1,190.5 million in the same period last year[3]. - The operating loss for the third quarter was $141.2 million, a significant decline from an operating profit of$101.5 million in the previous year, representing a change of -239.1%[3]. - Net loss attributable to New Oriental shareholders was $122.4 million, compared to a net profit of$151.3 million in the same quarter last year, marking a -180.9% change[3]. - For the first nine months of fiscal year 2022, net revenue was $2.58 billion, down 15.8$3.06 billion in the same period of the previous year[4]. - The operating loss for the first nine months was $876.9 million, compared to an operating profit of$219.6 million in the prior year, indicating a -499.2% change[4]. - Non-GAAP operating loss for the first nine months was $772.7 million, a decline of -387.9$268.4 million in the same period last year[4]. - Basic and diluted net loss per ADS for the third quarter was $(0.72), compared to earnings of$0.90 per ADS in the same quarter last year, reflecting a -180.6% change[3]. - The net loss attributable to shareholders for the quarter was $122.4 million, compared to a profit of$151.3 million in the same period last year, with a loss per ADS of $0.72[11]. - For the nine months ended February 28, 2022, net revenue was$2,581,223, a decrease of 15.7% from $3,064,553 in the same period of 2021[36]. - The net loss for the nine months ended February 28, 2022, was$(1,033,609), compared to a profit of $305,255 in the same period of 2021[36]. - Basic and diluted net loss per American Depositary Share (ADS) for the nine months ended February 28, 2022, was$(5.89), compared to $2.33 in 2021[37]. Operational Changes - Total number of schools and learning centers decreased to 847, down from 1,625 a year ago, reflecting a reduction of 778 centers[6]. - The total number of schools as of February 28, 2022, was 111, indicating a significant reduction from previous counts[6]. - For the third quarter of fiscal year 2022, New Oriental reported net revenue of$614.1 million, a decline of 48.4% year-over-year, primarily due to the termination of K-9 subject tutoring services in compliance with government policies[8]. - Operating costs and expenses for the quarter were $755.3 million, down 30.6$372.7 million[9]. - The company is actively exploring new business opportunities, including non-academic tutoring and smart learning systems, which are expected to contribute meaningfully to total revenue starting from the next fiscal year[7]. Assets and Liabilities - As of February 28, 2022, New Oriental's cash and cash equivalents amounted to approximately $1.47 billion, with short-term investments totaling$2.03 billion[13]. - Deferred revenue at the end of the third quarter was $971.3 million, a decrease of 47.9$1.87 billion in the same quarter of the previous fiscal year[13]. - New Oriental's total assets as of February 28, 2022, amounted to $6.67 billion, a decrease from$10.15 billion as of May 31, 2021[22]. - Cash and cash equivalents decreased to $1.47 billion from$1.61 billion year-over-year[22]. - The total current assets were reported at $4.69 billion, down from$6.57 billion in the previous year[22]. - The company reported a net receivable of $2.03 billion, a significant drop from$3.43 billion[22]. - Total current liabilities amounted to $1,889,935 as of February 28, 2022, down from$3,471,445 as of May 31, 2021[24]. - Total liabilities were $2,564,640 as of February 28, 2022, compared to$5,132,877 as of May 31, 2021[25]. - Total equity was $4,022,771 as of February 28, 2022, compared to$4,913,275 as of May 31, 2021[26]. Financial Metrics and Management Insights - The company emphasizes the importance of Non-GAAP financial metrics for assessing performance and liquidity[19]. - New Oriental's management acknowledges inherent risks and uncertainties that may affect future performance[18]. - The company reported a non-GAAP operating loss of $(111,232) for the three months ended February 28, 2022, compared to a profit of$115,892 in the same period of 2021[32]. - The company’s non-GAAP net loss attributable to shareholders was $(95,503) for the three months ended February 28, 2022, compared to a profit of$163,236 in the same period of 2021[32]. - The company reported a significant increase in general and administrative expenses, which rose to $1,580,514 for the nine months ended February 28, 2022, from$980,342 in 2021[36]. - The company experienced a loss of $(13,251) from changes in the fair value of investments for the nine months ended February 28, 2022, compared to a loss of$(4,597) in 2021[39]. - The company’s operating loss margin under non-GAAP was -34.0% for the nine months ended February 28, 2022, compared to 7.2% in 2021[39].