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New Oriental Education & Technology Group, Inc. (NYSE: EDU, SEHK: 9901) is the preeminent private educational services provider in China, distinguished by its comprehensive range of educational programs, services, and products. Founded in 1993 by Michael Yu, New Oriental has built an extensive portfolio that includes foreign language training, test preparation courses, all-subjects tutoring, primary and secondary education, and specialized online education offerings.
With over 23.4 million student enrollments since inception, New Oriental has become a household name in Chinese private education, embodying a blend of interactive teaching techniques and traditional Chinese educational values. The company's recent ventures, including non-academic tutoring and intelligent learning systems, are gaining traction, evidenced by the 629,000 student enrollments in non-academic tutoring and 99,000 active users of its intelligent learning devices as of May 31, 2023.
New Oriental also boasts significant financial growth, reporting a 64.2% year-over-year increase in net revenues for the fourth fiscal quarter of 2023, mainly driven by its new educational initiatives and East Buy's private label products and e-commerce business. The company achieved an operating income of $48.1 million and a GAAP operating margin of 5.6% for the same period.
Additionally, New Oriental maintains robust liquidity, with cash and cash equivalents totaling approximately $4.5 billion as of the end of fiscal year 2023. The company also actively pursues share repurchase programs, repurchasing approximately $191.7 million worth of ADSs from the open market under its current program.
New Oriental's commitment to quality and innovation is reflected in its sustained revenue growth, diverse educational offerings, and strategic investments in technology and e-commerce. The company's executive leaders, including Michael Yu, Chenggang Zhou, and Stephen Zhihui Yang, underscore its strategic initiatives and financial health, ensuring long-term value for both customers and shareholders.
New Oriental Education & Technology Group (NYSE: EDU) reported a strong financial performance for its third fiscal quarter ended February 28, 2023. Total net revenues rose by 22.8% year-over-year to US$754.2 million, driven primarily by educational business initiatives and East Buy's e-commerce offerings. Operating income saw a remarkable increase of 147.1% to US$66.5 million, while net income rose 166.7% to US$81.6 million. For the first nine months of FY2023, however, revenues decreased 17.2% compared to the previous year.
Looking forward, New Oriental expects Q4 revenues to range between US$801.8 million and US$822.7 million, a substantial year-over-year growth of 53% to 57%.
New Oriental Education and Technology Group Inc. (NYSE: EDU) announced it will release its financial results for the third quarter ending February 28, 2023, on April 19, 2023, before U.S. market opens. The earnings conference call is scheduled for 8 AM ET on the same day. Participants can join via a registered dial-in or a live webcast. New Oriental provides a wide range of educational services, including test preparation and online education, primarily in China. The company is listed on both NYSE and SEHK, with its American Depository Shares representing ten common shares.
New Oriental Education & Technology Group (NYSE: EDU) reported its fiscal Q2 2023 results, showing a 3.1% decline in net revenues to US$638.2 million. Operating loss narrowed significantly to US$2.5 million from a loss of US$768.1 million year-over-year. Net income was US$0.7 million compared to a net loss of US$936.5 million last year. The company achieved a non-GAAP operating profit of US$16.3 million. Despite the revenue decline due to government policy changes, educational new initiatives, especially in non-academic tutoring, demonstrated growth with 477,000 enrollments. For Q3 FY2023, revenues are expected between US$702.8 million and US$719.8 million.
New Oriental Education and Technology Group Inc. (NYSE: EDU) will announce its financial results for the second quarter ended November 30, 2022, before the U.S. market opens on January 17, 2023. A conference call will be held at 8 AM U.S. Eastern Time that same day. Interested participants can register for the call via a provided link for dial-in details and a personal PIN. An archived webcast of the call will also be available on their investor website. New Oriental offers a variety of educational programs and services throughout China.
New Oriental Education & Technology Group Inc. (NYSE: EDU) reported its fiscal Q1 2023 results, revealing a 43.1% decrease in net revenues to US$744.8 million due to the discontinuation of K-9 academic tutoring services. However, operating income surged by 140.5% to US$78 million, indicating a turnaround in profitability. Net income rose 9% to US$66 million, while non-GAAP net income fell 24.7% to US$83.7 million. The company anticipates continued revenue challenges in Q2, projecting a decline of 6% to 9% year-over-year.
New Oriental Education & Technology Group Inc. (NYSE: EDU) will hold its annual general meeting on November 18, 2022, at 5:00 p.m. in Beijing. No proposals will be submitted for approval; the meeting will serve as a forum for shareholders to discuss company affairs with management. The record date for eligible shareholders is set for October 28, 2022. New Oriental has filed its annual report on Form 20-F, including audited financial statements for the fiscal year ended May 31, 2022, available on its website and the SEC's website.
New Oriental Education & Technology Group Inc. (NYSE: EDU) has been identified by the SEC as a Commission-Identified Issuer under the Holding Foreign Companies Accountable Act (HFCAA) due to the inability of PCAOB to inspect its auditor's working papers. This identification follows the company's filing of its annual report on Form 20-F for the fiscal year ending May 31, 2022. If identified for three consecutive years, the company's shares may face trading prohibitions in the U.S. The company continues to explore solutions to protect stakeholder interests while adhering to regulatory requirements.
New Oriental Education and Technology Group Inc. (NYSE: EDU) will release its financial results for the first quarter ending August 31, 2022, before U.S. markets open on October 26, 2022. The management team will hold an earnings conference call at 8 AM U.S. Eastern Time on the same day. Interested participants can register for the call via a provided link or join through a live webcast. New Oriental offers diverse educational services in China, including test preparation and online education.
New Oriental Education & Technology Group Inc. (NYSE: EDU) has filed its annual report on Form 20-F for the fiscal year ending May 31, 2022, with the SEC on September 29, 2022. The report includes audited consolidated financial statements and is accessible on their investor relations website. Additionally, the company has published its annual report for Hong Kong listing purposes, complying with HKEX regulations. Shareholders can request a hard copy of the report free of charge. The company continues to provide education services across China, expanding its offerings in various sectors.
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