Financial Performance - For the first quarter of fiscal year 2023, New Oriental's net revenue was $744.8 million, a decrease of 43.1% year-over-year[4] - Operating profit for the first quarter increased by 140.5% year-over-year to $78.0 million[4] - Net profit attributable to New Oriental shareholders rose by 9.0% year-over-year to $66.0 million[4] - Operating costs and expenses for the quarter were $666.8 million, a year-over-year decrease of 47.8%[11] - Non-GAAP operating profit for the quarter was $97.0 million, up 28.3% year-over-year, with a Non-GAAP operating margin of 13.0%[12] - Net profit attributable to shareholders for the quarter was $66.0 million, a 9.0% increase year-over-year, with basic and diluted earnings per ADS of $0.39 and $0.38 respectively[13] - Non-GAAP net profit attributable to shareholders was $83.7 million, a decrease of 24.7% year-over-year, with Non-GAAP earnings per ADS of $0.49 and $0.48[14] - Net revenue for the quarter ended August 31, 2022, was $744.82 million, a decrease of 43% compared to $1.31 billion for the same period in 2021[29] - Operating profit for the quarter was $77.99 million, significantly up from $32.43 million in the same quarter of the previous year[29] - The company reported a net profit of $84.58 million for the quarter, compared to $42.64 million in the same quarter of the previous year[29] - Basic earnings per share for the quarter was $0.04, consistent with the same period in 2021[29] - Non-GAAP operating profit was $97.04 million, reflecting a margin of 10.5% for the quarter ended August 31, 2022[30] Cash Flow and Financial Position - The company recorded operating cash flow of $185.2 million for the quarter[8] - As of the end of the fiscal quarter, total cash, cash equivalents, and short-term investments amounted to approximately $4.3 billion[8] - Net operating cash flow for the first quarter of fiscal year 2023 was approximately $185.2 million, with capital expenditures of $14.0 million[15] - As of August 31, 2022, cash and cash equivalents totaled $1,103.9 million, with deferred revenue decreasing by 30.3% year-over-year to $1,012.5 million[16] - Cash and cash equivalents totaled $1.10 billion as of August 31, 2022, down from $1.15 billion as of May 31, 2022[26] - The ending cash, cash equivalents, and restricted cash balance for the three months ended August 31, 2022, was $1,137,112,000, compared to $1,349,340,000 at the end of the same period in 2021[33] - The net cash provided by operating activities for the three months ended August 31, 2022, was $185,247,000, a significant improvement from a net cash used of $(446,513,000) in the same period of 2021[33] - The total assets as of August 31, 2022, amounted to $6.02 billion, slightly down from $6.03 billion as of May 31, 2022[26] - Total liabilities were $2.20 billion as of August 31, 2022, compared to $2.24 billion as of May 31, 2022[28] - The company’s total equity was $3.82 billion as of August 31, 2022, compared to $3.79 billion as of May 31, 2022[28] Business Operations and Initiatives - The total number of schools and learning centers decreased to 706, down from 744 as of May 31, 2022, and down from 1,556 as of August 31, 2021[7] - The decline in net revenue was primarily due to the termination of K-9 subject after-school tutoring services in compliance with government policies[10] - New business initiatives, including non-academic tutoring, have shown positive results with approximately 297,000 registrations in the first quarter[7] - The significant decrease in deferred revenue was primarily due to the termination of K-9 after-school tutoring services in compliance with government policies[16] Future Outlook - For the second quarter of fiscal year 2023, the company expects net revenue to be between $601.4 million and $619.2 million, representing a year-over-year decline of 6% to 9%[17] - The company anticipates a revenue increase of 1% to 4% in RMB for the second quarter[17] Shareholder Actions - The company initiated a share repurchase program with a maximum amount of $400 million, and as of October 25, 2022, approximately 1.6 million ADS had been repurchased for about $39.6 million[9] Earnings Announcement - The company will hold an earnings announcement conference call on October 26, 2022, at 8 AM ET[18]
新东方-S(09901) - 2023 Q1 - 季度财报