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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 Inc. (NYSE: EDU) will hold its annual general meeting on November 18, 2021, at 5:00 p.m. in Beijing. No shareholder proposals will be presented; the meeting will instead facilitate discussions between management and shareholders. The record date for shareholders is set for October 29, 2021. The company has filed its annual report, including audited financial statements for the fiscal year ended May 31, 2021, available on its website and the SEC's site.
New Oriental Education & Technology Group Inc. (NYSE: EDU) announced the filing of its annual report on Form 20-F for the fiscal year ending May 31, 2021, with the SEC on September 24, 2021. The report includes audited consolidated financial statements and is accessible on the investor relations website and the SEC’s site. Additionally, the company published its annual report for Hong Kong, aligning with HKEX regulations. This move underscores New Oriental's commitment to transparency and regulatory compliance in the educational services sector in China.
On August 18, 2021, New Oriental Education & Technology Group Inc. (NYSE: EDU) announced the impact of new regulations from the Beijing Municipality aimed at reducing homework and after-school tutoring burdens on students. The 'Beijing Measures' prohibit new after-school tutoring providers for academic subjects and restrict existing providers, mandating non-profit registration. Additionally, the measures limit operational hours and pricing, drastically affecting New Oriental's revenue from after-school tutoring, particularly during weekends and holidays, which historically contributed significantly to the company's income.
New Oriental Education & Technology Group Inc. (NYSE: EDU) has canceled its scheduled earnings release for Q4 of fiscal year 2021, originally set for August 3, 2021. This decision is in response to recent regulatory developments in China impacting the education sector. The company will provide further updates at a later date.
New Oriental Education & Technology Group (NYSE: EDU) announced on July 24, 2021, that China's state media disclosed a new regulation impacting after-school tutoring services. The regulation mandates that institutions must register as non-profit, prohibits foreign ownership, and disallows new academic tutoring institutions. Additionally, companies like New Oriental cannot raise capital for academic tutoring in compulsory education. The company anticipates significant adverse effects on its academic after-school programs and will comply with the new rules.
New Oriental Education & Technology Group (NYSE: EDU) addressed media reports regarding potential new PRC regulations affecting after-school tutoring services in China. The company clarified that these regulations have not been officially published and that they do not comment on market speculations. As the largest private educational service provider in China, New Oriental offers a broad array of educational programs, including K-12 tutoring and online education.
New Oriental Education and Technology Group (NYSE: EDU) announced it will report its financial results for the fourth quarter ending May 31, 2021, on August 3, 2021, before U.S. market opens. The management will host an earnings conference call at 8 AM ET the same day, with access via registration. New Oriental is the largest private educational services provider in China, offering a variety of educational programs across the country. Its shares are traded on NYSE and SEHK, with ADSs representing common shares.
New Oriental Education & Technology Group reported a 29.0% increase in net revenues, reaching US$1.19 billion for Q3 FY2021. However, operating income decreased by 13.5% year-over-year to US$101.5 million. Net income rose by 9.9% to US$151.3 million. Total student enrollments surged 43% to approximately 2.3 million. Despite challenges from a COVID-19 outbreak, the company sees strong demand recovery and projects Q4 revenues between US$1.10 billion and US$1.14 billion, representing a growth of 38% to 43%.
New Oriental Education and Technology Group Inc. (NYSE: EDU) will announce its third-quarter financial results for the period ending February 28, 2021, before U.S. markets open on April 20, 2021. The management will hold an earnings conference call at 8 AM ET on the same day, which participants can join via a registration link. The Company, recognized as the largest private education provider in China, offers diverse educational services, including K-12 tutoring and online education. For further updates, a live webcast will also be available.
New Oriental Education & Technology Group Inc. (NYSE: EDU) announced the outcomes of its extraordinary general meeting held on March 8, 2021. Key resolutions adopted include a stock subdivision effective March 10, 2021, where each common share will be subdivided into ten shares, reducing the par value to US$0.001. Additionally, the company will adopt a new dual foreign name, subject to registration in the Cayman Islands. The company's authorized share capital will be adjusted to US$3,000,000, divided into 3,000,000,000 shares. New Oriental continues as China's largest private educational services provider, offering a range of educational programs.
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