Bright Scholar Announces Unaudited Financial Results for the Third Quarter of Fiscal 2024
Bright Scholar Education Holdings (NYSE: BEDU) reported its unaudited financial results for Q3 fiscal 2024. Key highlights include:
- Revenue of RMB554.0 million, up 6.2% quarter-over-quarter
- Gross profit increased 5.0% year-over-year to RMB202.7 million
- Gross margin improved to 36.6% from 32.9% in Q3 fiscal 2023
- Overseas Schools revenue grew 19.4% year-over-year to RMB264.9 million
- Net loss of RMB90.3 million, impacted by RMB133 million goodwill impairment
- Adjusted net income of RMB48.5 million, compared to a loss last year
- Cash and equivalents of RMB537.2 million as of May 31, 2024
The company saw strong performance in its Overseas Schools segment, offset by declines in Complementary Education Services and Domestic Kindergartens & K-12 Operation Services. Management highlighted improving utilization rates and enrollment growth in overseas schools.
Bright Scholar Education Holdings (NYSE: BEDU) ha riportato i risultati finanziari non auditati per il terzo trimestre dell'esercizio 2024. I punti salienti includono:
- Ricavi di 554,0 milioni di RMB, in crescita del 6,2% rispetto al trimestre precedente
- L'utile lordo è aumentato del 5,0% rispetto all'anno precedente, raggiungendo i 202,7 milioni di RMB
- Il margine lordo è migliorato al 36,6% rispetto al 32,9% nel terzo trimestre dell'esercizio 2023
- I ricavi delle scuole all'estero sono cresciuti del 19,4% rispetto all'anno precedente, arrivando a 264,9 milioni di RMB
- Perdita netta di 90,3 milioni di RMB, influenzata da un impairment di avviamento di 133 milioni di RMB
- Utile netto corretto di 48,5 milioni di RMB, rispetto a una perdita dell'anno scorso
- Liquidità e equivalenti di 537,2 milioni di RMB al 31 maggio 2024
L'azienda ha registrato una forte performance nel segmento delle scuole all'estero, compensata da un calo nei servizi di educazione supplementari e nei servizi operativi delle scuole materne e K-12 nazionali. La direzione ha evidenziato il miglioramento dei tassi di utilizzo e della crescita delle iscrizioni nelle scuole all'estero.
Bright Scholar Education Holdings (NYSE: BEDU) reportó sus resultados financieros no auditados para el tercer trimestre del año fiscal 2024. Los puntos destacados incluyen:
- Ingresos de 554,0 millones de RMB, un aumento del 6,2% en comparación con el trimestre anterior
- La ganancia bruta aumentó un 5,0% en comparación con el año anterior, alcanzando los 202,7 millones de RMB
- El margen bruto mejoró al 36,6% desde el 32,9% en el tercer trimestre del año fiscal 2023
- Los ingresos de las escuelas en el extranjero crecieron un 19,4% interanual, alcanzando los 264,9 millones de RMB
- Pérdida neta de 90,3 millones de RMB, impactada por una reducción de valor de intangibles de 133 millones de RMB
- Ingreso neto ajustado de 48,5 millones de RMB, en comparación con una pérdida el año pasado
- Efectivo y equivalentes de 537,2 millones de RMB al 31 de mayo de 2024
La compañía vio un rendimiento sólido en su segmento de escuelas en el extranjero, compensado por declives en servicios de educación complementaria y servicios de operación de jardines de infancia y K-12 en el país. La dirección destacó la mejora en las tasas de utilización y el crecimiento de inscripciones en las escuelas del exterior.
Bright Scholar Education Holdings (NYSE: BEDU)는 2024 회계연도 3분기 비감사 재무 결과를 발표했습니다. 주요 내용은 다음과 같습니다:
- 매출 5억 5천 4백만 RMB, 전 분기 대비 6.2% 증가
- 총 이익이 전년 대비 5.0% 증가하여 2억 2천 7백만 RMB에 도달
- 총 이익률이 2023 회계연도 3분기 32.9%에서 36.6%로 개선됨
- 해외 학교 매출이 전년 대비 19.4% 증가하여 2억 6천 4백 9십만 RMB에 도달
- 9천 3백만 RMB의 순손실, 1억 3천 3백만 RMB의 무형자산 손상 영향을 받음
- 작년 손실과 비교하여 조정된 순이익 4천 8백 5십만 RMB
- 2024년 5월 31일 기준 현금 및 현금성 자산 5억 3천 7백 2십만 RMB
회사는 해외 학교 부문에서 강력한 성과를 보였으나, 보충 교육 서비스와 국내 유치원 및 K-12 운영 서비스에서 감소가 있었습니다. 경영진은 해외 학교의 이용률 개선과 등록 성장세를 강조했습니다.
Bright Scholar Education Holdings (NYSE: BEDU) a annoncé ses résultats financiers non audités pour le troisième trimestre de l'exercice 2024. Les points saillants incluent :
- Revenus de 554,0 millions de RMB, en hausse de 6,2 % par rapport au trimestre précédent
- Le bénéfice brut a augmenté de 5,0 % par rapport à l'année précédente, atteignant 202,7 millions de RMB
- La marge brute s'est améliorée à 36,6 % contre 32,9 % au troisième trimestre de l'exercice 2023
- Les revenus des écoles à l'étranger ont augmenté de 19,4 % par rapport à l'année précédente, atteignant 264,9 millions de RMB
- Perte nette de 90,3 millions de RMB, impactée par une dépréciation de goodwill de 133 millions de RMB
- Le bénéfice net ajusté de 48,5 millions de RMB, par rapport à une perte l'année précédente
- Liquidités et équivalents de 537,2 millions de RMB au 31 mai 2024
L'entreprise a connu une forte performance dans son segment des écoles à l'étranger, compensée par des baisses dans les services d'éducation complémentaire et les services d'exploitation des jardins d'enfants et de K-12 nationaux. La direction a souligné l'amélioration des taux d'utilisation et la croissance des inscriptions dans les écoles à l'étranger.
Bright Scholar Education Holdings (NYSE: BEDU) hat seine nicht geprüften Finanzzahlen für das 3. Quartal des Geschäftsjahres 2024 veröffentlicht. Zu den wichtigsten Punkten gehören:
- Umsatz von 554,0 Millionen RMB, ein Anstieg um 6,2% im Vergleich zum Vorquartal
- Bruttogewinn stieg um 5,0% im Vergleich zum Vorjahr auf 202,7 Millionen RMB
- Die Bruttomarge verbesserte sich auf 36,6% von 32,9% im 3. Quartal des Geschäftsjahres 2023
- Der Umsatz der Schulen im Ausland wuchs um 19,4% im Vergleich zum Vorjahr auf 264,9 Millionen RMB
- Nettoverlust von 90,3 Millionen RMB, beeinträchtigt durch eine Wertminderung des Geschäfts- oder Firmenwerts von 133 Millionen RMB
- Bereinigter Nettoertrag von 48,5 Millionen RMB im Vergleich zu einem Verlust im Vorjahr
- Bargeld und Äquivalente von 537,2 Millionen RMB zum 31. Mai 2024
Das Unternehmen verzeichnete eine starke Leistung im Segment der Schulen im Ausland, die durch Rückgänge in den ergänzenden Bildungsdiensten und in den inländischen Vorschulen sowie K-12-Betriebsdiensten ausgeglichen wurde. Das Management hob die Verbesserung der Auslastungsquoten und das Wachstum der Einschreibungen in den Schulen im Ausland hervor.
- Revenue increased 6.2% quarter-over-quarter to RMB554.0 million
- Gross profit grew 5.0% year-over-year to RMB202.7 million
- Gross margin improved to 36.6% from 32.9% in Q3 fiscal 2023
- Overseas Schools revenue increased 19.4% year-over-year to RMB264.9 million
- Adjusted net income of RMB48.5 million, compared to a loss last year
- Student enrollment in Overseas Schools grew by 8% year-over-year
- Utilization rate of overseas schools increased to 62%
- Cash position strengthened to RMB537.2 million
- Net loss of RMB90.3 million, compared to RMB37.7 million loss last year
- Impairment loss on goodwill of RMB133 million
- Complementary Education Services revenue decreased 18.3% year-over-year
- Domestic Kindergartens & K-12 Operation Services revenue declined 23.9% year-over-year
- Total revenue decreased 5.5% year-over-year
Insights
Bright Scholar's Q3 FY2024 results present a mixed picture. While there are some positive indicators, there are also concerning trends that investors should note:
- Revenue growth: Overall revenue decreased by
5.5% year-over-year, but showed a6.2% quarter-over-quarter increase. The Overseas Schools segment was the standout performer, with19.4% YoY growth. - Profitability: Gross profit increased by
5.0% YoY, with gross margin expanding to36.6% from32.9% . This improvement suggests better cost management. - Net loss: The company reported a net loss of
RMB90.3 million , significantly wider than theRMB37.7 million loss in the same quarter last year. However, this was largely due to aRMB133 million impairment loss on goodwill. - Adjusted metrics: Adjusted net income was
RMB48.5 million , a notable improvement from an adjusted net loss ofRMB34.8 million in the prior year period.
The company's focus on its core Overseas Schools business appears to be paying off, with strong enrollment growth and improved facility utilization. However, the underperformance of other segments and the significant goodwill impairment raise questions about the overall health of the business.
Investors should closely monitor the company's ability to sustain growth in its core segment while addressing challenges in other areas. The divestment of non-core businesses could lead to improved focus and efficiency, but it may also impact overall revenue in the short term.
Bright Scholar's Q3 results reflect the ongoing shifts in the global education landscape, particularly in China. Here are key insights for investors:
- International education demand: The strong performance of the Overseas Schools segment (
19.4% YoY growth) indicates robust demand for international education options. This trend is likely driven by Chinese families seeking global educational opportunities for their children. - Domestic challenges: The
23.9% YoY decline in the Domestic Kindergartens & K-12 Operation Services segment suggests ongoing regulatory pressures and market shifts in China's education sector. - Adaptation strategy: Bright Scholar's divestment of non-core businesses (international contest training and career counseling) demonstrates a strategic pivot towards higher-growth, core operations. This could lead to improved operational efficiency and resource allocation.
- Enrollment trends: The
8% YoY growth in student enrollment for Overseas Schools, coupled with over 900 acceptances for the September intake, indicates strong market positioning in this segment.
The company's focus on enhancing teaching quality and student experience aligns with global trends in education. However, the challenges in complementary education services and domestic operations highlight the need for continued adaptation to regulatory and market changes.
Investors should watch for Bright Scholar's ability to leverage its brand and resources to further expand in high-return areas, particularly in international education. The company's strategic shifts could position it well for long-term growth, but may result in short-term volatility as it restructures its operations.
Gross Profit Increased
Management to hold a conference call today at 8:00 a.m. Eastern Time
FOSHAN, China, Aug. 2, 2024 /PRNewswire/ -- Bright Scholar Education Holdings Limited ("Bright Scholar," the "Company," "we" or "our") (NYSE: BEDU), a global premier education service company, today announced its unaudited financial results for its fiscal 2024 third quarter ended May 31, 2024.
THIRD QUARTER OF FISCAL 2024 FINANCIAL HIGHLIGHTS
- Revenue was
RMB554.0 million , compared toRMB586.4 million for the same quarter last fiscal year, representing a quarter-over-quarter increase of6.2% . - Revenue from Overseas Schools was
RMB264.9 million , representing an increase of19.4% from the same quarter last fiscal year. - Gross profit was
RMB202.7 million , representing an increase of5.0% from the same quarter last fiscal year. Gross margin increased to36.6% from32.9% for the same quarter last fiscal year. - Net loss was
RMB90.3 million , compared toRMB37.7 million for the same quarter last fiscal year, mainly attributable to an impairment loss on goodwill ofRMB133 million . Adjusted net income[1] wasRMB48.5 million , compared to an adjusted net loss ofRMB34.8 million for the same quarter last fiscal year.
Revenue by Segment
(RMB in millions except for percentage)
| For the third quarter May 31, | YoY % Change | % of total | |||||||||||
2024 | 2023 | |||||||||||||
Overseas Schools |
264.9 |
221.8 |
19.4 % |
47.8 % | ||||||||||
Complementary Education Services[2] |
169.5 |
207.5 |
-18.3 % |
30.6 % | ||||||||||
Domestic Kindergartens & K-12 Operation Services[3] |
119.6 |
157.1 |
-23.9 % |
21.6 % | ||||||||||
Total | 554.0 | 586.4 | -5.5 % | 100.0 % |
[1]. Adjusted net income/(loss) is defined as net income/(loss) excluding share-based compensation expenses, amortization of intangible assets, tax effect of amortization of intangible assets and impairment loss on goodwill. |
[2]. The Complementary Education Services business comprises language training, overseas study counselling, career counselling, study tours and camps, as well as international contest training and others. |
[3]. The Domestic Kindergartens & K-12 Operation Services business comprises for-profit kindergartens and operation services for students of domestic K-12 schools, including catering and procurement services. |
For more information on these adjusted financial measures, please see the section captioned "Non-GAAP Financial Measures" and the tables captioned "Reconciliations of GAAP and Non-GAAP Results" set forth at the end of this release. |
MANAGEMENT COMMENTARY
Mr. Robert Niu, Chief Executive Officer of Bright Scholar, commented, "Our resilient business continues to recover and thrive. We delivered solid quarterly results amid an uncertain and evolving external environment through solid strategic execution and dedicated initiatives to fuel our global business. During the quarter, our core Overseas Schools business maintained its double-digit year-over-year revenue growth trajectory, and student enrollment grew by
Ms. Cindy Zhang, Chief Financial Officer of Bright Scholar, added, "We achieved healthy financial results in the third fiscal quarter. Led by our Overseas Schools business, our total revenues grew by
UNAUDITED FINANCIAL RESULTS FOR THE THIRD FISCAL QUARTER ENDED MAY 31, 2024
Revenue
Revenue was
Overseas Schools: Revenue contribution was
Complementary Education Services: Revenue contribution was
Domestic Kindergartens & K-12 Operation Services: Revenue contribution was
Cost of Revenue
Cost of revenue was
Gross Profit, Gross Margin and Adjusted Gross Profit
Gross profit was
Adjusted gross profit[4] was
Selling, General and Administrative Expenses
Total SG&A expenses were
Operating Loss/Income, Operating Margin and Adjusted Operating Income
Operating loss was
Adjusted operating income[5] was
Net Loss and Adjusted Net Income/Loss
Net loss was
Adjusted net income was
Adjusted EBITDA[6]
Adjusted EBITDA was
Net Loss per Ordinary Share/ADS and Adjusted Net Earnings/Loss per Ordinary Share/ADS
Basic and diluted net loss per ordinary share attributable to ordinary shareholders were
Adjusted basic and diluted net earnings per ordinary share[7] attributable to ordinary shareholders were
Basic and diluted net loss per ADS attributable to ADS holders were
Adjusted basic and diluted net earnings per ADS[8] attributable to ADS holders were
Cash and Working Capital
As of May 31, 2024, the Company had cash and cash equivalents and restricted cash of
[4] Adjusted gross profit is defined as gross profit excluding amortization of intangible assets. [5]. Adjusted operating income/(loss) is defined as operating income/(loss) excluding share-based compensation expenses, amortization of intangible assets and impairment loss on goodwill. |
[6]. Adjusted EBITDA is defined as net income/(loss) excluding interest income/(expense), net, income tax expense/benefit, depreciation and amortization, share-based compensation expenses and impairment loss on goodwill. |
[7] Adjusted basic and diluted earnings/(loss) per share is defined as adjusted net income/(loss) attributable to ordinary shareholders (net income/(loss) attributable to ordinary shareholders excluding share-based compensation expenses, amortization of intangible assets, tax effect of amortization of intangible assets and impairment loss on goodwill) divided by the weighted average number of basic and diluted ordinary shares. |
[8]. Adjusted basic and diluted earnings per American depositary share ("ADS") is defined as adjusted net income attributable to ADS shareholders (net income attributable to ADS shareholders excluding share-based compensation expenses, amortization of intangible assets, tax effect of amortization of intangible assets and impairment loss on goodwill) divided by the weighted average number of basic and diluted ADSs. |
CONFERENCE CALL
The Company's management will host an earnings conference call at 8:00 a.m.
Dial-in details for the earnings conference call are as follows:
Mainland China: | 4001-201203 |
Hong Kong: | 800-905945 |
United States: | 1-888-346-8982 |
International: | 1-412-902-4272 |
Participants should dial in at least 5 minutes before the scheduled start time and ask to be connected to the call for "Bright Scholar Education Holdings Limited."
Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at http://ir.brightscholar.com/.
A replay of the conference call will be accessible after the conclusion of the live call until August 9, 2024, by dialing the following telephone numbers:
United States Toll Free: | 1-877-344-7529 |
International: | 1-412-317-0088 |
Replay Passcode: | 8092477 |
CONVENIENCE TRANSLATION
The Company's reporting currency is Renminbi ("RMB"). However, periodic reports made to shareholders will include current period amounts translated into
NON-GAAP FINANCIAL MEASURES
In evaluating our business, we consider and use certain non-GAAP measures, including primarily adjusted EBITDA, adjusted net income/(loss), adjusted gross profit/(loss), adjusted operating income/(loss), adjusted net earnings/(loss) per share attributable to ordinary shareholders/ADS holders basic and diluted as supplemental measures to review and assess our operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with
We incur amortization expense of intangible assets related to various acquisitions that have been made in recent years. These intangible assets are valued at the time of acquisition and are then amortized over a period of several years after the acquisition. We believe that exclusion of these expenses allows greater comparability of operating results that are consistent over time for the Company's newly-acquired and long-held business as the related intangibles do not have significant connection to the growth of the business. Therefore, we provide exclusion of amortization of intangible assets to define adjusted gross profit, adjusted operating income/(loss), adjusted net income/(loss), and adjusted net earnings/(loss) per share attributable to ordinary shareholders/ADS holders, basic and diluted.
We present the non-GAAP financial measures because they are used by our management to evaluate our operating performance and formulate business plans. Such non-GAAP measures include adjusted EBITDA, adjusted net income/(loss), adjusted gross profit/(loss), adjusted operating income/(loss), adjusted net earnings/(loss) per share attributable to ordinary shareholders/ADS holders basic and diluted. Non-GAAP financial measures enable our management to assess our operating results without considering the impact of non-cash charges, including depreciation and amortization and share-based compensation expenses, and without considering the impact of non-operating items such as interest income/(expense), net; income tax expense/benefit; share-based compensation expenses; amortization of intangible assets, tax effect of amortization of intangible assets and impairment loss on goodwill. We also believe that the use of these non-GAAP measures facilitates investors' assessment of our operating performance.
The non-GAAP financial measures are not defined under
About Bright Scholar Education Holdings Limited
Bright Scholar is a premier global education service Group. The Company primarily provides quality international education to global students and equips them with the critical academic foundation and skillsets necessary to succeed in the pursuit of higher education.
For more information, please visit: https://ir.brightscholar.com/.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the
IR Contact:
Email: BEDU@thepiacentegroup.com
Phone: +86 (10) 6508-0677/ +1-212-481-2050
Media Contact:
Email: media@brightscholar.com
Phone: +86-757-2991-6814
BRIGHT SCHOLAR EDUCATION HOLDINGS LIMITED | ||||||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
(Amounts in thousands) | ||||||||
As of | ||||||||
August 31, | May 31, | |||||||
2023 | 2024 | |||||||
RMB | RMB | USD | ||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash and cash equivalents | 537,325 | 515,200 | 71,150 | |||||
Restricted cash | 28,261 | 21,789 | 3,009 | |||||
Accounts receivable | 19,209 | 27,549 | 3,805 | |||||
Amounts due from related parties, net | 188,445 | 128,607 | 17,761 | |||||
Other receivables, deposits and other assets, net | 148,679 | 129,597 | 17,898 | |||||
Inventories | 5,480 | 3,872 | 535 | |||||
Total current assets | 927,399 | 826,614 | 114,158 | |||||
Restricted cash - non-current | 1,650 | 250 | 35 | |||||
Property and equipment, net | 414,225 | 363,267 | 50,168 | |||||
Intangible assets, net | 343,077 | 325,128 | 44,901 | |||||
Goodwill, net | 1,328,872 | 1,182,035 | 163,242 | |||||
Long-term investments, net | 36,070 | 35,716 | 4,932 | |||||
Prepayments for construction contracts | 1,711 | 1,540 | 213 | |||||
Deferred tax assets, net | 1,810 | 1,498 | 207 | |||||
Other non-current assets, net | 15,249 | 12,885 | 1,779 | |||||
Operating lease right-of-use assets - non current | 1,549,447 | 1,456,486 | 201,144 | |||||
Total non-current assets | 3,692,111 | 3,378,805 | 466,621 | |||||
TOTAL ASSETS | 4,619,510 | 4,205,419 | 580,779 |
BRIGHT SCHOLAR EDUCATION HOLDINGS LIMITED | ||||||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS-CONTINUED | ||||||||
(Amounts in thousands) | ||||||||
As of | ||||||||
August 31, | May 31, | |||||||
2023 | 2024 | |||||||
RMB | RMB | USD | ||||||
LIABILITIES AND EQUITY | ||||||||
Current liabilities | ||||||||
Accounts payable | 105,193 | 105,927 | 14,629 | |||||
Amounts due to related parties | 311,451 | 214,836 | 29,669 | |||||
Accrued expenses and other current liabilities | 279,690 | 225,063 | 31,082 | |||||
Income tax payable | 99,367 | 93,440 | 12,904 | |||||
Contract liabilities - current | 541,683 | 416,084 | 57,462 | |||||
Refund liabilities - current | 17,572 | 15,929 | 2,200 | |||||
Operating lease liabilities - current | 125,447 | 121,235 | 16,743 | |||||
Total current liabilities | 1,480,403 | 1,192,514 | 164,689 | |||||
Non-current contract liabilities | 2,116 | 2,597 | 359 | |||||
Deferred tax liabilities, net | 42,093 | 34,652 | 4,786 | |||||
Operating lease liabilities - non current | 1,523,242 | 1,446,627 | 199,783 | |||||
Total non-current liabilities | 1,567,451 | 1,483,876 | 204,928 | |||||
TOTAL LIABILITIES | 3,047,854 | 2,676,390 | 369,617 | |||||
EQUITY | ||||||||
Share capital | 8 | 8 | 1 | |||||
Additional paid-in capital | 1,697,370 | 1,706,654 | 235,693 | |||||
Statutory reserves | 20,155 | 19,616 | 2,709 | |||||
Accumulated other comprehensive income | 172,230 | 178,803 | 24,693 | |||||
Accumulated deficit | (473,154) | (485,455) | (67,043) | |||||
Shareholders' equity | 1,416,609 | 1,419,626 | 196,053 | |||||
Non-controlling interests | 155,047 | 109,403 | 15,109 | |||||
TOTAL EQUITY | 1,571,656 | 1,529,029 | 211,162 | |||||
TOTAL LIABILITIES AND EQUITY | 4,619,510 | 4,205,419 | 580,779 |
BRIGHT SCHOLAR EDUCATION HOLDINGS LIMITED | |||||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||
(Amounts in thousands, except for shares and per share data) | |||||||||||
Three Months Ended May 31 | Nine Months Ended May 31 | ||||||||||
2023 | 2024 | 2023 | 2024 | ||||||||
RMB | RMB | USD | RMB | RMB | USD | ||||||
Revenue | 586,446 | 553,976 | 76,505 | 1,563,977 | 1,648,158 | 227,615 | |||||
Cost of revenue | (393,418) | (351,227) | (48,505) | (1,075,767) | (1,080,294) | (149,191) | |||||
Gross profit | 193,028 | 202,749 | 28,000 | 488,210 | 567,864 | 78,424 | |||||
Selling, general and administrative expenses | (142,016) | (146,989) | (20,300) | (437,730) | (431,735) | (59,624) | |||||
Impairment loss on goodwill | - | (133,022) | (18,371) | - | (133,022) | (18,371) | |||||
Other operating income/(loss) | 22,937 | (7,033) | (971) | 49,119 | 4,369 | 603 | |||||
Operating income/(loss) | 73,949 | (84,295) | (11,642) | 99,599 | 7,476 | 1,032 | |||||
Interest expense, net | (2,859) | (22) | (3) | (8,587) | (2,457) | (339) | |||||
Investment income /(loss) | 614 | 5,127 | 708 | (849) | 5,605 | 774 | |||||
Other expenses | (23) | 3,496 | 483 | (2,776) | 106 | 14 | |||||
Income/(loss) before income taxes and share of | 71,681 | (75,694) | (10,454) | 87,389 | 10,730 | 1,481 | |||||
Income tax expense | (109,327) | (14,543) | (2,008) | (133,493) | (38,988) | (5,384) | |||||
Share of equity in (loss)/profit of unconsolidated affiliates | (52) | (43) | (6) | (400) | 81 | 11 | |||||
Net loss | (37,698) | (90,280) | (12,468) | (46,506) | (28,177) | (3,892) | |||||
Net income/(loss) attributable to non-controlling interests | 397 | (24,210) | (3,343) | 4,020 | (19,761) | (2,729) | |||||
Net loss attributable to ordinary shareholders | (38,095) | (66,070) | (9,125) | (50,526) | (8,416) | (1,163) | |||||
Net loss per share attributable to | |||||||||||
ordinary shareholders | |||||||||||
—Basic | (0.32) | (0.56) | (0.08) | (0.43) | (0.07) | (0.01) | |||||
—Diluted | (0.32) | (0.56) | (0.08) | (0.43) | (0.07) | (0.01) | |||||
Weighted average shares used in | |||||||||||
calculating net loss per ordinary share: | |||||||||||
—Basic | 118,669,795 | 118,669,795 | 118,669,795 | 118,669,795 | 118,669,795 | 118,669,795 | |||||
—Diluted | 118,669,795 | 118,669,795 | 118,669,795 | 118,669,795 | 118,669,795 | 118,669,795 | |||||
Net loss per ADS | |||||||||||
—Basic | (1.28) | (2.24) | (0.32) | (1.72) | (0.28) | (0.04) | |||||
—Diluted | (1.28) | (2.24) | (0.32) | (1.72) | (0.28) | (0.04) |
BRIGHT SCHOLAR EDUCATION HOLDINGS LIMITED | |||||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
(Amounts in thousands) | |||||||||||
Three Months Ended May 31 | Nine Months Ended May 31 | ||||||||||
2023 | 2024 | 2023 | 2024 | ||||||||
RMB | RMB | USD | RMB | RMB | USD | ||||||
Net cash (used in)/generated from operating activities | (8,198) | 96,249 | 13,292 | 15,338 | 22,353 | 3,087 | |||||
Net cash (used in)/generated from investing activities | (20,990) | 10,713 | 1,479 | (32,946) | 30,011 | 4,145 | |||||
Net cash used in financing activities | (41,255) | (71,323) | (9,850) | (90,397) | (84,258) | (11,636) | |||||
Effect of exchange rate changes on cash and cash | 7,873 | 4,740 | 655 | 15,615 | 1,897 | 261 | |||||
Net change in cash and cash equivalents, | |||||||||||
and restricted cash | (62,570) | 40,379 | 5,576 | (92,390) | (29,997) | (4,143) | |||||
Cash and cash equivalents, and restricted cash | |||||||||||
at beginning of the period | 827,964 | 496,860 | 68,618 | 857,784 | 567,236 | 78,337 | |||||
Cash and cash equivalents, and restricted cash | |||||||||||
at end of the period | 765,394 | 537,239 | 74,194 | 765,394 | 537,239 | 74,194 |
BRIGHT SCHOLAR EDUCATION HOLDINGS LIMITED | |||||||||||
Reconciliations of GAAP and Non-GAAP Results | |||||||||||
(Amounts in thousands, except for shares and per share data) | |||||||||||
Three Months Ended May 31 | Nine Months Ended May 31 | ||||||||||
2023 | 2024 | 2023 | 2024 | ||||||||
RMB | RMB | USD | RMB | RMB | USD | ||||||
Gross profit | 193,028 | 202,749 | 28,000 | 488,210 | 567,864 | 78,424 | |||||
Add: Amortization of intangible assets | 3,642 | 3,117 | 430 | 11,274 | 9,633 | 1,330 | |||||
Adjusted gross profit | 196,670 | 205,866 | 28,430 | 499,484 | 577,497 | 79,754 | |||||
Operating income/(loss) | 73,949 | (84,295) | (11,642) | 99,599 | 7,476 | 1,032 | |||||
Add: Share-based compensation expenses | - | 3,240 | 447 | - | 4,860 | 671 | |||||
Add: Amortization of intangible assets | 3,642 | 3,117 | 430 | 11,274 | 9,633 | 1,330 | |||||
Add: Impairment loss on goodwill | - | 133,022 | 18,371 | - | 133,022 | 18,371 | |||||
Adjusted operating income | 77,591 | 55,084 | 7,606 | 110,873 | 154,991 | 21,404 | |||||
Net loss | (37,698) | (90,280) | (12,468) | (46,506) | (28,177) | (3,892) | |||||
Add: Share-based compensation expenses | - | 3,240 | 447 | - | 4,860 | 671 | |||||
Add: Amortization of intangible assets | 3,642 | 3,117 | 430 | 11,274 | 9,633 | 1,330 | |||||
Add: Tax effect of amortization of intangible assets | (738) | (631) | (87) | (2,302) | (1,951) | (269) | |||||
Add: Impairment loss on goodwill | - | 133,022 | 18,371 | - | 133,022 | 18,371 | |||||
Adjusted net (loss)/income | (34,794) | 48,468 | 6,693 | (37,534) | 117,387 | 16,211 | |||||
Net loss attributable to ordinary shareholders | (38,095) | (66,070) | (9,125) | (50,526) | (8,416) | (1,163) | |||||
Add: Share-based compensation expenses | - | 3,240 | 447 | - | 4,860 | 671 | |||||
Add: Amortization of intangible assets | 3,642 | 3,117 | 430 | 11,274 | 9,633 | 1,330 | |||||
Add: Tax effect of amortization of intangible assets | (738) | (631) | (87) | (2,302) | (1,951) | (269) | |||||
Add: Impairment loss on goodwill | - | 110,305 | 15,233 | - | 110,305 | 15,233 | |||||
Adjusted net (loss)/income attributable to | (35,191) | 49,961 | 6,898 | (41,554) | 114,431 | 15,802 | |||||
Net loss | (37,698) | (90,280) | (12,468) | (46,506) | (28,177) | (3,892) | |||||
Add: Interest expense, net | 2,859 | 22 | 3 | 8,587 | 2,457 | 339 | |||||
Add: Income tax expense | 109,327 | 14,543 | 2,008 | 133,493 | 38,988 | 5,384 | |||||
Add: Depreciation and amortization | 21,553 | 16,064 | 2,218 | 63,929 | 49,981 | 6,902 | |||||
Add: Share-based compensation expenses | - | 3,240 | 447 | - | 4,860 | 671 | |||||
Add: Impairment loss on goodwill | - | 133,022 | 18,371 | - | 133,022 | 18,371 | |||||
Adjusted EBITDA | 96,041 | 76,611 | 10,579 | 159,503 | 201,131 | 27,775 | |||||
Weighted average shares used | |||||||||||
in calculating adjusted net (loss)/income per | |||||||||||
—Basic and Diluted | 118,669,795 | 118,669,795 | 118,669,795 | 118,669,795 | 118,669,795 | 118,669,795 | |||||
Adjusted net (loss)/income per share attributable | |||||||||||
to ordinary shareholders | |||||||||||
—Basic | (0.30) | 0.42 | 0.06 | (0.35) | 0.96 | 0.13 | |||||
—Diluted | (0.30) | 0.42 | 0.06 | (0.35) | 0.96 | 0.13 | |||||
Adjusted net (loss)/income per ADS | |||||||||||
—Basic | (1.20) | 1.68 | 0.24 | (1.40) | 3.84 | 0.52 | |||||
—Diluted | (1.20) | 1.68 | 0.24 | (1.40) | 3.84 | 0.52 |
View original content:https://www.prnewswire.com/news-releases/bright-scholar-announces-unaudited-financial-results-for-the-third-quarter-of-fiscal-2024-302213333.html
SOURCE Bright Scholar Education Holdings Ltd.
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