Bright Scholar(US:BEDU)2024-02-06 16:00Financial Performance - Revenue for the first fiscal quarter ended November 30, 2023, was RMB 572.7 million, a 7.6% increase from RMB 532.5 million in the same quarter last year[13] - Gross profit for the first fiscal quarter was RMB 203.4 million, representing a 13.1% increase from RMB 179.8 million year-over-year[15] - Net income for the first fiscal quarter was RMB 59.2 million, a 40.9% increase from RMB 42.0 million in the same quarter last year[18] - Adjusted net income for the first fiscal quarter was RMB 61.9 million, reflecting a 37.3% increase from RMB 45.0 million year-over-year[18] - Revenue for the three months ended November 30, 2023, was RMB 572,736, an increase from RMB 532,460 in the same period of 2022, representing a growth of approximately 7.4%[40] - Gross profit for the same period was RMB 203,438, compared to RMB 179,830 in the prior year, reflecting a gross margin improvement[40] - Net income attributable to ordinary shareholders for the three months ended November 30, 2023, was RMB 54,692, up from RMB 37,932 in the same period of 2022, indicating a growth of approximately 44.2%[40] - Operating income for the three months ended November 2023 was RMB 74,514, an increase of 14.9% from RMB 64,917 in the same period of 2022[45] Revenue Breakdown - Revenue from Overseas Schools was RMB 252.9 million, a 28.4% increase compared to RMB 196.9 million in the same quarter last year[5] - Revenue from Complementary Education Services was RMB 210.0 million, a 12.8% increase from RMB 186.2 million year-over-year[6] - Revenue from Domestic Kindergartens & K-12 Operation Services was RMB 109.8 million, a 26.4% decrease from RMB 149.4 million in the same quarter last year[7] Earnings and Adjustments - Basic and diluted earnings per share for the first fiscal quarter were RMB 0.46, up 43.8% from RMB 0.32 in the same quarter last year[19] - Adjusted EBITDA for the first fiscal quarter was RMB 90.8 million, a 0.8% increase from RMB 90.1 million year-over-year[21] - Adjusted net income attributable to ordinary shareholders rose to RMB 57,344 for the three months ended November 2023, up 40.0% from RMB 40,953 in the same period of 2022[45] - Adjusted EBITDA for the three months ended November 2023 was RMB 90,789, slightly up from RMB 90,052 in the same period of 2022[45] - Adjusted net income per share attributable to ordinary shareholders was RMB 0.48 for the three months ended November 2023, up from RMB 0.35 in the same period of 2022[45] Cash and Assets - As of November 30, 2023, the Company's cash and cash equivalents were RMB 521.6 million, down from RMB 567.2 million as of August 31, 2023[22] - Cash and cash equivalents as of November 30, 2023, were RMB 492,661, down from RMB 537,325 as of August 31, 2023[35] - Cash and cash equivalents at the end of the period decreased to RMB 521,550 from RMB 855,518 at the end of the same period in 2022, reflecting a decline of 38.9%[42] - Total assets as of November 30, 2023, were RMB 4,509,891, a decrease from RMB 4,619,510 as of August 31, 2023[35] - Total liabilities decreased to RMB 2,901,234 as of November 30, 2023, from RMB 3,047,854 as of August 31, 2023[37] - The company’s total current assets as of November 30, 2023, were RMB 916,789, slightly down from RMB 927,399 as of August 31, 2023[35] Cash Flow - Net cash used in operating activities for the three months ended November 2023 was RMB (23,679), an improvement from RMB (26,667) in the same period of 2022[42] - Net cash generated from investing activities turned negative at RMB (17,685) for the three months ended November 2023, compared to RMB 16,337 in the same period of 2022[42] - The company reported a net change in cash and cash equivalents of RMB (45,686) for the three months ended November 2023, compared to RMB (2,266) in the same period of 2022[42] Future Outlook - The company aims to continue expanding its international education services and enhance its operational efficiency in the upcoming quarters[31]