Bright Scholar(US:BEDU)2022-08-04 16:00Revenue and Profitability - Revenue from continuing operations for the third fiscal quarter was RMB 437.5 million, a 20.7% increase from RMB 362.4 million in the same period last year[3]. - Gross profit from continuing operations reached RMB 135.4 million, representing a 158.2% increase compared to RMB 52.4 million in the same quarter last year[3]. - Adjusted EBITDA for the quarter was RMB 69.0 million, a significant increase of 2,052.6% from RMB 3.2 million in the same quarter last year[3]. - Revenue for the nine-month period was RMB 1,311.1 million, a 21.2% increase from RMB 1,081.8 million for the same period last fiscal year[20]. - Gross profit for the period was RMB 394.3 million, a 127.7% increase from RMB 173.2 million for the same period last fiscal year, with a gross margin increase to 30.1% from 16.0%[22]. - Adjusted EBITDA for the quarter was RMB 69.0 million, compared to RMB 3.2 million for the same period last fiscal year[20]. Operating Performance - Operating income from continuing operations was RMB 19.3 million, a turnaround from an operating loss of RMB 70.1 million in the same quarter last year[3]. - Operating income for the quarter was RMB 19.3 million, a 127.5% increase from an operating loss of RMB 70.1 million for the same period last fiscal year[18]. - Adjusted operating income for the quarter was RMB 23.8 million, representing a 136.4% increase from an adjusted operating loss of RMB 65.3 million for the same period last fiscal year[18]. - Net loss for the quarter was RMB 7.1 million, compared to net income of RMB 163.9 million for the same period last fiscal year[18]. - The company reported a significant increase in amounts due to related parties, rising to RMB 461,379 from RMB 40,445, an increase of over 1,040%[43]. Expenses and Cost Management - Total SG&A expenses for the quarter decreased to RMB 117.1 million from RMB 129.2 million in the same quarter last year[16]. - Total SG&A expenses for the period were RMB 402.1 million, compared to RMB 377.4 million for the same period last fiscal year[23]. - Selling, general and administrative expenses from continuing operations decreased from RMB 129,180 million in 2021 to RMB 117,122 million in 2022, a reduction of approximately 9%[57]. - Adjusted selling, general and administrative expenses from continuing operations were RMB 128,518 million in 2021 and RMB 117,122 million in 2022, showing a decrease of about 9%[58]. Cash Flow and Liquidity - Cash and cash equivalents as of May 31, 2022, were RMB 1,371.6 million (US$205.6 million), down from RMB 1,492.6 million as of February 28, 2022[27]. - Net cash generated from operating activities for the three months ended May 2022 was RMB 321,060, a turnaround from a net cash used of RMB 200,367 in the same period of 2021[54]. - Cash and cash equivalents at the end of the period for May 2022 were RMB 1,371,590, down from RMB 1,668,090 at the beginning of the period[54]. - The company experienced a net change in cash and cash equivalents of RMB (121,030) for the three months ended May 2022[54]. Balance Sheet and Financial Position - As of May 31, 2022, total assets amounted to RMB 7,644,389, a decrease from RMB 8,632,500 as of August 31, 2021[41]. - Total current liabilities decreased to RMB 3,434,608 from RMB 4,031,022, reflecting a reduction of approximately 14.8%[43]. - The company's cash and cash equivalents were RMB 759,848, down from RMB 844,684, indicating a decline of about 10%[41]. - Accounts receivable, net, decreased significantly to RMB 21,197 from RMB 41,723, a drop of approximately 49%[41]. - Total equity as of May 31, 2022, was RMB 2,579,888, down from RMB 2,806,876, representing a decrease of about 8%[47]. - The total liabilities decreased to RMB 5,064,501 from RMB 5,825,624, a reduction of about 13%[47]. Management and Strategic Focus - The management remains focused on rebuilding business revenues and improving operational efficiency amid ongoing challenges[13]. - The company redeemed all outstanding senior notes totaling US$ 223.98 million, with a total redemption price of US$ 232.33 million[9]. Shareholder Information - Adjusted net loss for the quarter was RMB 3.5 million, a 96.1% improvement compared to a loss of RMB 90.2 million in the same quarter last year[3]. - Adjusted net loss attributable to ordinary shareholders improved from RMB 256,970 million in 2021 to RMB 0 in 2022, indicating a significant recovery[56]. - Adjusted net loss per share attributable to ordinary shareholders was (0.69) in 2022, compared to (0.05) in 2021, reflecting a deterioration in per-share performance despite overall improvements[60].