Bright Scholar(US:BEDU)2021-12-21 16:00Revenue Performance - Revenue from continuing operations for the fourth fiscal quarter ended August 31, 2021, was RMB 320.0 million, a 23.3% increase year-over-year from RMB 259.5 million[7]. - Revenue from discontinued operations for the fourth fiscal quarter was RMB 470.7 million, contributing to a total revenue decline due to the impact of the Implementation Rules[4]. - For the fiscal year ended August 31, 2021, revenue from continuing operations was RMB 1,401.8 million, a decrease of 5.1% from RMB 1,476.3 million in the previous fiscal year[9]. - Revenue from Complementary Education Services for the fourth fiscal quarter was RMB 182.6 million, accounting for 57.1% of total revenue[13]. - The overseas schools segment, CATS Global Schools, generated revenue of RMB 75.5 million in the fourth fiscal quarter, a 9.2% increase year-over-year[12][18]. - Revenue for Q4 2021 was RMB320.0 million, a 23.3% increase from RMB259.5 million in Q4 2020[20]. - Overseas Schools generated RMB75.5 million, accounting for 23.6% of total revenue, up 9.2% from RMB69.1 million in the same period last year[20]. - Complementary Education Services contributed RMB182.6 million, representing 57.1% of total revenue, a 16.5% increase from RMB156.8 million year-over-year[20]. - Domestic Kindergartens & K-12 Operation Services saw revenue of RMB61.9 million, an 84.2% increase from RMB33.6 million in the same period last year[21]. Profitability and Loss - Gross profit from continuing operations for the fourth fiscal quarter was RMB 48.3 million, representing a 105.6% increase compared to RMB 23.5 million in the same period last year[7]. - The net loss for the fourth fiscal quarter was RMB 478.2 million, a significant increase of 221.8% from a net loss of RMB 148.6 million in the same quarter of the previous year[7]. - Adjusted net loss for Q4 2021 was RMB175.5 million, compared to an adjusted net loss of RMB131.4 million in Q4 2020[25]. - The company reported an impairment loss on goodwill of RMB 84,730 thousand for the three months ended August 31, 2021[61]. - Net loss attributable to ordinary shareholders was RMB (364,751) million in 2021 compared to RMB (153,838) million in 2020, showing an increase in loss of 136.5%[71]. - Adjusted EBITDA improved from RMB (59,699) million in 2020 to RMB (29,794) million in 2021, a positive change of 50%[70]. Financial Position - As of August 31, 2021, cash and cash equivalents were RMB1,515.2 million, down from RMB2,011.9 million a year earlier[37]. - Total assets as of August 31, 2021, amounted to RMB 13,489,487, an increase from RMB 8,632,500 as of August 31, 2020[54]. - Current liabilities as of August 31, 2021, totaled RMB 4,031,022, compared to RMB 6,111,219 as of August 31, 2020, indicating a reduction[57]. - Total liabilities as of August 31, 2021, were RMB 10,365,106 thousand, up from RMB 5,825,624 thousand as of August 31, 2020[58]. - Total equity as of August 31, 2021, was RMB 3,124,381 thousand, compared to RMB 2,806,876 thousand as of August 31, 2020, reflecting a growth in shareholder value[58]. - Cash and cash equivalents at the end of the period on August 31, 2021, were RMB 1,515,163 thousand, down from RMB 4,423,937 thousand at the beginning of the period[65]. Operational Insights - The company has ceased VIE contractual arrangements with schools providing compulsory education, classifying them as discontinued operations, which adversely affected revenue[3]. - The company is currently unable to provide financial guidance for fiscal year 2022 due to uncertainties surrounding the Business Disposal Plan[5]. - The company aims to expand its business portfolios and strengthen operational performance across global businesses while diversifying revenue streams[18]. - The company incurred amortization expenses related to intangible assets from various acquisitions, which are excluded to enhance comparability of operating results[46]. - Non-GAAP financial measures such as adjusted EBITDA and adjusted net income are utilized by management to evaluate operating performance, excluding non-cash charges and non-recurring items[47]. - The company emphasizes the importance of non-GAAP measures for investors to assess operating performance without the impact of certain expenses[48]. - The company has classified certain entities as discontinued operations, which are treated as non-recurring items for performance comparison[46]. Shareholder Information - Weighted average shares used in calculating earnings per ordinary share remained stable around 119 million for both years, indicating no significant dilution[73]. - Share-based compensation expense showed a significant fluctuation, from RMB 1,406 million in 2020 to RMB (167) million in 2021, reflecting a change in accounting treatment[72].