Financial Performance - For the third fiscal quarter ended February 28, 2023, net revenue increased by 22.8% year-over-year to $754.2 million[3] - Operating profit for the third fiscal quarter rose by 147.1% year-over-year to $66.5 million[3] - Net profit attributable to New Oriental shareholders increased by 166.7% year-over-year to $81.6 million[3] - Non-GAAP operating profit for the third fiscal quarter was $87.9 million, compared to a loss of $111.2 million in the same quarter last year, representing a 179.0% increase[4] - For the first nine months of fiscal 2023, net revenue was $2.14 billion, a decrease of 17.2% compared to $2.58 billion in the same period of fiscal 2022[5] - Non-GAAP net profit attributable to New Oriental shareholders for the first nine months was $196.8 million, compared to a loss of $885.9 million in the same period last year, reflecting a 122.2% increase[5] - Basic earnings per ADS for the third fiscal quarter was $0.49, compared to a loss of $0.72 in the same quarter last year, marking a 167.8% increase[4] - Non-GAAP net profit attributable to shareholders for the third quarter was $95.4 million, a year-over-year increase of 199.9%[13] - The company reported a net profit attributable to shareholders of $81.648 million for the three months ended February 28, 2023, compared to a net loss of $122.439 million in the same period of 2022[26] - Operating profit for the three months ended February 28, 2023, was $66.491 million, a significant improvement from an operating loss of $141.194 million in the same period of 2022[26] - Basic earnings per American Depositary Share (ADS) for the three months ended February 28, 2023, was $0.49, compared to a loss of $0.72 in the same period of 2022[30] - Net profit attributable to New Oriental for the nine months ended February 28, 2023, was $148,382, a significant improvement from a net loss of $(998,419) in the same period of 2022[33] - Basic earnings per American Depositary Share (ADS) for the nine months ended February 28, 2023, was $0.88, compared to a loss of $(5.89) in the same period of 2022[37] Operational Metrics - The total number of schools and learning centers as of February 28, 2023, was 712, an increase of 4 from 708 as of November 30, 2022, but a decrease of 135 from 847 as of February 28, 2022[7] - The total number of schools as of February 28, 2023, was 91[7] - The total number of schools and learning centers reached 712 by the end of the quarter, with significant investments in maintaining the OMO system to enhance operational efficiency[10] - The company achieved a net operating cash flow of approximately $190.5 million for the quarter, with total cash, cash equivalents, and short-term investments amounting to approximately $4.3 billion[11][13] - The deferred revenue balance increased by 19.8% year-over-year to $1.163 billion, reflecting strong demand for educational services[14] - Deferred revenue increased to $1.163 billion as of February 28, 2023, up from $933.062 million as of May 31, 2022, indicating a growth of approximately 24.6%[25] - The company generated a net cash inflow from operating activities of $190.482 million for the three months ended February 28, 2023, compared to a cash outflow of $234.965 million in the same period of 2022[32] - The company reported a cash flow from operating activities of $549,399 for the nine months ended February 28, 2023, compared to $(1,309,800) in the same period of 2022[39] Financial Position - New Oriental reported cash and cash equivalents of $1,329,453,000 as of February 28, 2023, an increase from $1,148,637,000 in the previous year[24] - Total current assets reached $4,700,797,000, up from $4,473,959,000 year-over-year[24] - The net value of intangible assets increased significantly to $27,534,000 from $2,800,000 in the previous year[24] - Goodwill increased to $107,717,000, compared to $70,803,000 in the previous year, indicating growth in acquisitions or market expansion[24] - Non-current restricted cash decreased to $31,175,000 from $45,890,000, reflecting changes in liquidity management[24] - The company has a total asset value of $6,164,297,000, compared to $6,034,666,000 in the previous year, showing overall growth[24] - New Oriental's net receivables increased to $28,850,000 from $16,430,000, indicating improved collection or sales performance[24] - Total liabilities as of February 28, 2023, amounted to $2.288 billion, slightly up from $2.241 billion as of May 31, 2022, indicating a year-over-year increase of about 2.1%[25] - The company’s total equity as of February 28, 2023, was $3.877 billion, an increase from $3.794 billion as of May 31, 2022, reflecting a growth of about 2.2%[25] Strategic Initiatives - The company plans to repurchase up to $400 million of its American Depositary Shares or common stock under a buyback program authorized by the board[9] - The company continues to focus on improving product competitiveness and developing diverse content, contributing to significant revenue growth in its e-commerce segment[10] - The company is focused on expanding its online education services and enhancing its brand presence in the competitive market[20] - New Oriental is actively investing in new product development and technology to enhance its educational offerings[20] - The management anticipates continued growth in the private education sector in China, despite potential risks and uncertainties[21] - The company aims to continue its market expansion and product development strategies to enhance future growth prospects[33] - The company expects net revenue for the fourth fiscal quarter to be between $801.8 million and $822.7 million, representing a year-over-year growth rate of 53% to 57%[17] Cost Management - The company’s operating expenses for the three months ended February 28, 2023, totaled $687.662 million, down from $755.285 million in the same period of 2022, showing a decrease of approximately 8.9%[29] - Total operating expenses for the nine months ended February 28, 2023, were $1,995,197, down 42.4% from $3,458,087 in the same period of 2022[33] - The company experienced a significant reduction in general and administrative expenses, which were $622,772 for the nine months ended February 28, 2023, down from $1,473,816 in the same period of 2022[36]
新东方(09901) - 2023 Q3 - 季度业绩