新东方-S(09901) - 2023 - 年度业绩

Revenue and Profit Growth - Net revenue for Q4 FY2023 increased by 64.2% YoY to $860.6 million[3] - Operating profit for Q4 FY2023 rose by 145.5$48.1 million[3] - Net income attributable to New Oriental for Q4 FY2023 increased by 115.3% YoY to $29.0 million[3] - Non-GAAP operating profit for Q4 FY2023 surged by 202.2$78.6 million[4] - Net revenue for FY2023 decreased by 3.5% YoY to $2,997.8 million[5] - Operating profit for FY2023 improved by 119.3$190.0 million[5] - Net income attributable to New Oriental for FY2023 increased by 114.9% YoY to $177.3 million[5] - Revenue for Q4 2023 increased by 64.2$860.6 million, driven by new education businesses and self-operated products and live e-commerce from Dongfang Zhenxuan[10] - Net revenue for the quarter ending May 31, 2023, was $860.571 million, a significant increase from$524.023 million in the same period last year[24] - Operating profit for the quarter was $48.054 million, compared to an operating loss of$105.649 million in the previous year[24] - Net profit attributable to New Oriental shareholders was $28.959 million, a turnaround from a net loss of$189.302 million in the same period last year[24] - Non-GAAP operating profit for the quarter was $78.592 million, compared to a non-GAAP operating loss of$76.865 million in the previous year[26] - Net revenue for the fiscal year ending May 31, 2023, was $2,997.76 million, a decrease from$3,105.25 million in the previous year[30] - Operating profit for the fiscal year ending May 31, 2023, was $190.05 million, compared to an operating loss of$982.51 million in the previous year[30] - Net profit attributable to New Oriental shareholders was $177.34 million, a significant improvement from a net loss of$1,187.72 million in the previous year[30] Operating Margins and Profitability - GAAP operating margin for Q4 2023 was 5.6%, compared to -20.2% in the same period last year[11] - Non-GAAP operating margin for Q4 2023 was 9.1%, compared to -14.7% in the same period last year[11] - The company's operating profit margin improved to 5.6%, with a non-GAAP operating profit margin of 9.1%[26] - Non-GAAP operating profit margin improved to 9.3% from -27.4% in the previous year[32] Cash Flow and Financial Position - Net operating cash flow for Q4 2023 was approximately $421.6 million[13] - Total cash, cash equivalents, time deposits, and short-term investments amounted to approximately$4.5 billion as of the end of Q4 2023[13] - Deferred revenue balance increased by 43.4% YoY to $1,337.6 million at the end of Q4 2023[13] - Cash and cash equivalents increased to$1,662,982 thousand as of May 31, 2023, compared to $1,148,637 thousand as of May 31, 2022[22] - Restricted cash, current, was reported at$110,892 thousand as of May 31, 2023, compared to none in the previous year[22] - Short-term investments decreased to $1,477,843 thousand as of May 31, 2023, from$1,902,254 thousand as of May 31, 2022[22] - Total current assets slightly decreased to $4,413,887 thousand as of May 31, 2023, from$4,473,959 thousand as of May 31, 2022[22] - Property and equipment, net, decreased to $359,760 thousand as of May 31, 2023, from$402,690 thousand as of May 31, 2022[22] - Goodwill increased to $105,514 thousand as of May 31, 2023, from$70,803 thousand as of May 31, 2022[22] - Long-term investments decreased to $399,585 thousand as of May 31, 2023, from$437,919 thousand as of May 31, 2022[22] - Deferred tax assets, net, increased significantly to $55,933 thousand as of May 31, 2023, from$20,038 thousand as of May 31, 2022[22] - Total assets increased to $6,392,458 thousand as of May 31, 2023, from$6,034,666 thousand as of May 31, 2022[22] - Total liabilities increased to $2.57767 billion as of May 31, 2023, from$2.241142 billion in the previous year[23] - Deferred revenue increased to $1.33763 billion, up from$933.062 million in the previous year[23] - Cash, cash equivalents, and restricted cash at the end of the quarter were $1.805427 billion, up from$1.194527 billion in the previous year[29] - Operating cash flow for the quarter was $421.609 million, a significant increase from$29.347 million in the same period last year[29] - Cash flow from operating activities was $971.01 million, a substantial increase from a negative cash flow of$1,280.45 million in the previous year[35] - Total cash, cash equivalents, and restricted cash at the end of the fiscal year was $1,805.43 million, up from$1,194.53 million at the beginning of the year[35] Business Expansion and Operations - Total number of schools and learning centers increased to 748 as of May 31, 2023, up by 36 from February 28, 2023[7] - Total number of schools reached 85 as of May 31, 2023[7] - Non-academic tutoring business expanded to approximately 60 cities, attracting 629,000 student enrollments in the quarter[8] - Active paying users for the intelligent learning system and devices reached 99,000 in approximately 60 cities[8] Earnings and Shareholder Metrics - Basic earnings per ADS for the fiscal year ending May 31, 2023, were $1.06, compared to a loss of$7.00 per ADS in the previous year[30] - Non-GAAP basic earnings per ADS were $1.54, compared to a loss of$6.17 in the previous year[33] - Non-GAAP net profit attributable to New Oriental shareholders was $62.091 million, compared to a non-GAAP net loss of$160.339 million in the previous year[26] Costs and Expenses - Total operating costs and expenses decreased to $2,807.71 million from$4,087.76 million in the previous year[30] - Share-based compensation expenses decreased to $89.79 million from$132.97 million in the previous year[34] Future Outlook - For Q1 2024, the company expects net revenue to be between $983.2 million and$1,005.5 million, representing a YoY increase of 32% to 35%[16] Corporate Events - The company will hold its earnings conference call for the fourth quarter of fiscal year 2023 on July 26, 2023, at 8:00 AM Eastern Time[17]