Core Insights - Bright Scholar Education Holdings Limited reported a gross profit increase of 7.7% year-over-year for fiscal year 2024, with a gross margin growth of 2.3 percentage points [1][4]. - The company will hold a conference call to discuss these results on November 25, 2024, at 7:00 a.m. Eastern Time [1][38]. Fiscal Year 2024 Financial Highlights - Total revenue from continuing operations was RMB1,755.2 million, a slight decrease of 1.0% from RMB1,772.1 million in the previous fiscal year [4][21]. - Revenue from Overseas Schools reached RMB951.2 million, marking a 17.5% increase from RMB809.5 million in the last fiscal year [4][21]. - Gross profit from continuing operations was RMB503.6 million, up from RMB467.4 million, with a gross margin of 28.7% compared to 26.4% in the previous year [4][24]. - The company reported a loss from continuing operations of RMB869.1 million, compared to RMB358.9 million in the last fiscal year [4][29]. - Adjusted net income was RMB1.1 million, a significant improvement from an adjusted net loss of RMB192.6 million in the previous fiscal year [4][30]. Fourth Quarter Financial Highlights - Revenue from continuing operations for the fourth quarter was RMB358.3 million, down from RMB442.2 million in the same quarter last fiscal year [2][7]. - Revenue from Overseas Schools was RMB185.1 million, a slight increase of 0.2% from RMB184.8 million in the same quarter last year [2][7]. - The loss from continuing operations for the fourth quarter was RMB954.8 million, compared to RMB285.1 million for the same quarter last fiscal year [2][15]. - Adjusted net loss narrowed by 24.3% to RMB92.0 million from RMB121.4 million for the same quarter last fiscal year [2][16]. Revenue Breakdown by Segment - For the fourth quarter, revenue from Overseas Schools accounted for 51.7% of total revenue, while Complementary Education Services and Domestic Kindergartens & K12 Operation Services contributed 36.2% and 12.1%, respectively [3][8]. - In fiscal year 2024, Overseas Schools represented 54.2% of total revenue, with Complementary Education Services and Domestic Kindergartens & K12 Operation Services contributing 28.2% and 17.6%, respectively [5][6]. Management Commentary - The CEO highlighted the company's focus on strengthening its global business and operations, particularly in overseas markets, despite macroeconomic challenges [6]. - The CFO noted that the company improved operational efficiency and significantly enhanced its cash position, increasing cash and cash equivalents by 20% for the fiscal year [6].
Bright Scholar Announces Unaudited Financial Results for the Fourth Quarter and Fiscal Year 2024