NEW ORIENTAL(EDU)2023-10-24 16:00Revenue Growth - Total net revenues increased by 47.7% year over year to $1,100.0 million for the first fiscal quarter of 2024[2][3] - Net revenues for the three months ended August 31, 2023, increased to $1,100,021 thousand, up from $744,822 thousand in the same period last year[26] - New Oriental expects total net revenues in the second quarter of fiscal year 2024 to be in the range of $785.0 million to $804.2 million, representing a year-over-year increase of 23% to 26%[16] Profitability - Operating income increased by 163.0% year over year to $205.1 million for the first fiscal quarter of 2024[2][3] - Net income attributable to New Oriental increased by 150.6% year over year to $165.4 million for the first fiscal quarter of 2024[2][3] - Operating income for the three months ended August 31, 2023, was $205,124 thousand, compared to $77,989 thousand in the same period last year[26] - Non-GAAP operating income for the three months ended August 31, 2023, was $244,755 thousand, compared to $97,044 thousand in the same period last year[28] - Net income attributable to New Oriental Education & Technology Group Inc.'s shareholders for the three months ended August 31, 2023, was $165,386 thousand, up from $66,002 thousand in the same period last year[26] - Non-GAAP net income attributable to New Oriental for the three months ended August 31, 2023, was $189,318 thousand, compared to $83,706 thousand in the same period last year[28] Operating Margins - GAAP operating margin for the quarter was 18.6%, an improvement of 810 basis points year over year[6] - Non-GAAP operating margin for the quarter was 22.3%, an improvement of 930 basis points year over year[6] Business Expansion - The total number of schools and learning centers increased to 793 as of August 31, 2023, up from 748 as of May 31, 2023[4] - Overseas test preparation and overseas study consulting businesses grew by 51.7% and 26.6% year over year, respectively[5] - New educational business initiatives achieved 103.3% revenue growth year over year, with 438,000 student enrollments and 181,000 active paid users[5] Cash Flow and Liquidity - Net operating cash inflow for the first fiscal quarter of 2024 was $335.8 million[14] - Cash, cash equivalents, and restricted cash at the end of the period were $1,890,721 thousand, up from $1,137,112 thousand in the same period last year[32] - Net cash provided by operating activities for the three months ended August 31, 2023, was $335,786 thousand, compared to $185,247 thousand in the same period last year[32] Assets and Liabilities - Total assets as of August 31, 2023, were $6,674,715 thousand, compared to $6,392,458 thousand as of May 31, 2023[24] - Total liabilities as of August 31, 2023, were $2,695,194 thousand, compared to $2,577,670 thousand as of May 31, 2023[24] Share-Based Compensation - Share-based compensation expenses for the three months ended August 31, 2023, were $39,631 thousand, up from $19,055 thousand in the same period last year[30]