Revenue and Profitability - Revenue for the six months ended February 28, 2023, was RMB 977.5 million, an increase of 11.9% compared to RMB 873.5 million for the same period last year[11]. - Gross profit for the period was RMB 295.2 million, representing a 14.0% increase from RMB 258.9 million year-over-year, with a gross margin of 30.2%[13]. - Operating income for the period was RMB 25.7 million, a significant improvement from an operating loss of RMB 22.9 million in the same period last year, resulting in an operating margin of 2.6%[14]. - Adjusted net loss for the period narrowed to RMB 2.7 million from RMB 46.4 million, marking a year-over-year improvement of 94.1%[16]. - Revenue from Overseas Schools increased by 17.4% to RMB 402.9 million, accounting for 41.2% of total revenue[5]. - Revenue from Complementary Education Services rose by 14.5% to RMB 365.3 million, representing 37.4% of total revenue[6]. - Domestic Kindergartens & K-12 Operation Services revenue decreased slightly to RMB 209.3 million from RMB 211.3 million, accounting for 21.4% of total revenue[12]. - Net loss attributable to ordinary shareholders for the six months ended February 2023 was RMB 12,431, a reduction from a net loss of RMB 49,328 for the same period in 2022, indicating a decrease in loss of approximately 74.8%[37]. - Net loss decreased from RMB 52,938 thousand to RMB 8,808 thousand, showing an improvement of 83.4%[43]. - Adjusted net loss attributable to ordinary shareholders improved from RMB 42,779 thousand to RMB 6,363 thousand, a reduction of 85.2%[43]. Cash and Assets - As of February 28, 2023, the company's cash and cash equivalents totaled RMB 826.3 million, down from RMB 856.1 million as of August 31, 2022[20]. - Cash and cash equivalents as of February 2023 were RMB 630,294, down from RMB 664,769 as of August 31, 2022, representing a decrease of approximately 5.2%[33]. - Cash and cash equivalents at the end of the period decreased from RMB 1,492,620 thousand to RMB 827,964 thousand, a drop of 44.4%[40]. - Total assets as of February 2023 were RMB 5,021,010, an increase from RMB 4,953,131 as of August 31, 2022[34]. - Total liabilities as of February 2023 were RMB 3,077,493, compared to RMB 3,057,588 as of August 31, 2022, showing a slight increase of about 0.6%[35]. Future Outlook - The company expects revenue for the fiscal year 2023 to be between RMB 1.9 billion and RMB 2.0 billion, reflecting a year-over-year growth of 10% to 15%[21]. - The company continues to focus on providing quality international education and expanding its market presence globally[29]. Operating Performance - Adjusted EBITDA for the period was RMB 63.5 million, down 50.3% from RMB 127.7 million in the same period last year[19]. - Adjusted EBITDA decreased from RMB 127,664 thousand to RMB 63,462 thousand, a decline of 50.3%[43]. - Net cash generated from operating activities improved from a negative RMB 385,616 thousand to a positive RMB 23,536 thousand[40]. - Net cash used in investing activities significantly decreased from RMB 1,181,644 thousand to RMB 11,956 thousand, indicating a reduction in investment outflows[40]. Share Information - The company reported a weighted average of 118,669,795 shares used in calculating adjusted net loss per ordinary share, with a loss per share of RMB (0.05) for the period ended February 2023[43].
Bright Scholar(BEDU) - 2023 Q4 - Annual Report