Financial Performance - For the first quarter of fiscal year 2024, net revenue increased by 47.7% year-over-year to $1,100.0 million[3] - Operating profit for the first quarter rose by 163.0% year-over-year to $205.1 million[3] - Net profit attributable to New Oriental shareholders increased by 150.6% year-over-year to $165.4 million[3] - Non-GAAP operating profit for the first quarter was $244.8 million, up 152.2% year-over-year[4] - Net profit attributable to shareholders was $165.4 million, reflecting a year-over-year increase of 150.6%[11] - Non-GAAP net profit attributable to shareholders was $189.3 million, up 126.2% year-over-year[12] - Basic earnings per share for the three months ended August 31, 2023, was $0.10, up from $0.04 in the same period of 2022, representing a growth of 150%[25] - Net income attributable to New Oriental was $189.318 million for the three months ended August 31, 2023, up from $83.706 million in the same period of 2022, marking a 126.5% increase[27] - Basic net income per American Depositary Share (ADS) was $1.15 for Q3 2023, compared to $0.49 for Q3 2022, reflecting a significant growth of 134.7%[28] Operating Metrics - The total number of schools and learning centers reached 793, an increase of 45 from the previous quarter and 87 from the same period last year[6] - The overseas exam preparation and consultation business grew by 51.7% and 26.6% year-over-year, respectively[6] - Operating costs and expenses for the quarter were $894.9 million, a year-over-year increase of 34.2%[10] - Revenue cost increased by 41.4% to $441.2 million, while sales and marketing expenses rose by 37.9% to $136.1 million[10] - The total operating costs and expenses for the three months ended August 31, 2023, were $894,897, up from $666,833 in the previous year, reflecting an increase of approximately 34.1%[25] - The total operating expenses, excluding stock-based compensation, were $855.266 million for Q3 2023, compared to $647.778 million in Q3 2022, indicating a 32% increase[27] - Selling and marketing expenses rose to $7.427 million in Q3 2023 from $0.580 million in Q3 2022, a substantial increase of 1,178.4%[29] - General and administrative expenses increased to $27.232 million in Q3 2023 from $18.585 million in Q3 2022, reflecting a growth of 46.6%[29] Cash Flow and Assets - The company recorded a net operating cash flow of $335.8 million for the quarter[7] - Net operating cash flow for Q1 FY2024 was approximately $335.8 million, with capital expenditures of $132.5 million[13] - Cash and cash equivalents as of August 31, 2023, totaled $1,748.9 million, with short-term investments amounting to $1,423.9 million[13] - Cash and cash equivalents increased to $1.890721 billion at the end of Q3 2023, up from $1.137112 billion at the end of Q3 2022, showing a growth of 66.3%[30] - The company reported a net cash provided by operating activities of $335.786 million for Q3 2023, compared to $185.247 million in Q3 2022, an increase of 81.1%[30] Future Outlook - For Q2 FY2024, the company expects total net revenue to be between $785.0 million and $804.2 million, representing a year-over-year increase of 23% to 26%[14] - The company plans to continue focusing on enhancing product and service quality while leveraging its brand advantages to capture new market opportunities[6] - The company is focused on expanding its self-operated products and live e-commerce business, which contributed to the increase in operating costs[10] Deferred Revenue and Liabilities - Deferred revenue balance at the end of Q1 FY2024 was $1,401.4 million, a 38.4% increase from $1,012.5 million at the end of Q1 FY2023[13] - The company reported a significant increase in deferred revenue, totaling $1,401,420 as of August 31, 2023, compared to $1,337,630 as of May 31, 2023, which is an increase of about 4.8%[24] - Total assets as of August 31, 2023, were $6,674,715, an increase from $6,392,458 as of May 31, 2023, indicating a growth of approximately 4.4%[23][24] - Total liabilities as of August 31, 2023, were $2,695,194, compared to $2,577,670 as of May 31, 2023, reflecting an increase of about 4.6%[24] Non-GAAP Metrics - The company emphasized the importance of Non-GAAP financial metrics for providing additional insights into operational performance and liquidity, which are not reflected in GAAP measures[22] - New Oriental reported a non-GAAP operating profit of $244.755 million for the three months ended August 31, 2023, compared to $97.044 million in the same period of 2022, representing a year-over-year increase of 152.5%[27] - The non-GAAP operating profit margin improved to 22.3% in Q3 2023 from 13.0% in Q3 2022[27] - Weighted average shares used to calculate basic net income per ADS decreased to 1,651,203,885 in Q3 2023 from 1,700,829,829 in Q3 2022, a reduction of 2.9%[28]
新东方(09901) - 2024 Q1 - 季度业绩