Financial Performance - For the second quarter of fiscal year 2024, net revenue increased by 36.3% year-over-year to $869.6 million[5] - Operating profit for the second quarter was $21.3 million, compared to an operating loss of $2.5 million in the same period last year, representing a 957.8% improvement[6] - Net profit attributable to New Oriental shareholders surged by 4,007.4% year-over-year to $30.1 million[5] - For the first half of fiscal year 2024, net revenue rose by 42.4% year-over-year to $1.97 billion[7] - Non-GAAP operating profit for the second quarter was $50.9 million, a 212.2% increase from $16.3 million in the previous year[6] - Basic earnings per ADS for the second quarter was $0.18, compared to $0.00 in the same period last year, reflecting a 4,092.1% increase[6] - Non-GAAP net profit attributable to New Oriental for the second quarter was $50.2 million, up 182.6% from $17.8 million year-over-year[6] - For the first six months of fiscal year 2024, the company reported net revenue of $1.969 billion, a year-over-year increase of 42.4%[17] - The company reported a net profit of $34.7 million for the quarter, up from $16.6 million in the same quarter of the previous year, which is an increase of approximately 109.5%[29] - The company reported a net profit of $101.167 million for the six months ended November 30, 2023, reflecting an increase from the previous period[45] Operational Metrics - The total number of schools and learning centers increased to 843, up by 50 from 793 as of August 31, 2023, and up by 135 from 708 as of November 30, 2022[9] - The total number of schools as of November 30, 2023, was 83[9] - The company’s new education business achieved a revenue increase of 68.3% year-over-year, with 786,000 registrations in non-subject tutoring services[12] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[36] Cash Flow and Assets - The net cash flow from operating activities for the quarter was approximately $300.6 million, with capital expenditures of $43.4 million[15] - The company’s cash and cash equivalents totaled approximately $1.94 billion, with total short-term investments amounting to $1.57 billion as of November 30, 2023[16] - Cash and cash equivalents increased to $1.94 billion as of November 30, 2023, from $1.66 billion as of May 31, 2023, showing a growth of about 16.7%[26] - The company’s total current assets reached $4.98 billion, up from $4.41 billion, reflecting an increase of approximately 12.7%[26] - The total assets as of November 30, 2023, amounted to $7.13 billion, up from $6.39 billion as of May 31, 2023, reflecting a growth of approximately 11.5%[27] - Total liabilities increased to $3.04 billion as of November 30, 2023, compared to $2.58 billion as of May 31, 2023, marking an increase of about 17.8%[27] Deferred Revenue and Liabilities - Deferred revenue at the end of the second quarter was $1.645 billion, representing a 44.4% increase compared to $1.139 billion at the end of the same quarter last year[16] - Deferred revenue as of November 30, 2023, was $1.64 billion, compared to $1.34 billion as of May 31, 2023, representing an increase of about 22.9%[27] - Total liabilities were reported at $3,035,687, showing a minimal change of $782 from the prior period[49] Shareholder Information - The company has authorized a share repurchase plan of up to $400 million, extended until May 31, 2024, with approximately 6.0 million ADS repurchased for about $194.2 million as of January 23, 2024[11] - Basic earnings per American Depositary Share (ADS) for the quarter were $0.18, compared to $0.00 in the same period last year, indicating a positive shift in profitability[32] Accounting and Compliance - The financial results are prepared in accordance with International Financial Reporting Standards (IFRS)[19] - The company emphasizes the importance of Non-GAAP financial metrics for assessing performance and liquidity[24] - The adjustments made in the financial statements reflect the differences in accounting policies between US GAAP and IFRS, ensuring compliance with both standards[44] - The company has engaged Deloitte for limited assurance on the financial adjustments, confirming no significant discrepancies were found[43] Future Outlook - The company’s future outlook includes continued focus on market expansion and potential new product development[1] - The management's forward-looking statements are subject to inherent risks and uncertainties, which may lead to actual results differing materially from those projected[23]
新东方(09901) - 2024 - 中期财报