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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) announced the appointment of Mr. Zhihui Yang as Executive President, effective January 15, 2021. Mr. Yang, who has served as Chief Financial Officer since April 2015, has extensive experience within the company and the education sector. His promotion is expected to enhance leadership as New Oriental continues its growth as China's largest private educational services provider. The company offers diverse educational programs, including K-12 tutoring, test preparation, and online education.
New Oriental Education and Technology Group Inc. (NYSE: EDU) will release its financial results for the second quarter ended November 30, 2020, before the U.S. market opens on January 22, 2021. An earnings conference call will take place at 8 AM ET the same day. Participants can register for the call through a provided link. New Oriental is recognized as the largest private education provider in China, offering various educational programs, including K-12 tutoring and online education.
New Oriental Education & Technology Group Inc. (NYSE: EDU) announced the pricing of its global offering of 8,510,000 new common shares at HK$1,190.00 per share. This equates to approximately US$153.45 per American depositary share (ADS). The gross proceeds are expected to be around HK$10.13 billion, or HK$11.65 billion if the over-allotment option is exercised. The funds will be allocated to enhance learning technologies, business growth, and acquisitions. The shares are set to begin trading on the Hong Kong Stock Exchange on November 9, 2020.
New Oriental Education & Technology Group Inc. (NYSE: EDU) announced its Hong Kong Public Offering, part of a Global Offering of 8,510,000 new common shares, which will be listed on the Main Board of The Stock Exchange of Hong Kong under stock code "9901." The Offering includes 510,600 shares for Hong Kong and 7,999,400 shares for international investors. The maximum offer price is set at HK$1,399.00 per share. Proceeds will enhance learning technologies, support business growth, and general corporate purposes. The public offering opens on October 29, 2020, and closes on November 3, 2020.
New Oriental Education & Technology Group Inc. (EDU) reported an 8.0% decline in net revenues for Q1 FY2021, totaling US$986.4 million. Operating income fell by 38.9% to US$150.3 million, with net income decreasing by 16.4% year-over-year to US$174.7 million. Despite these declines, student enrollments in academic subjects increased by 13.5%, reaching approximately 2.96 million. The company expects Q2 FY2021 revenues between US$863.7 million and US$887.3 million, indicating potential recovery. Operational margins saw some improvement due to cost control measures amidst COVID-19 challenges.
New Oriental Education and Technology Group Inc. (NYSE: EDU), the largest private education provider in China, will announce its financial results for the first fiscal quarter ending August 31, 2020, on October 13, 2020, before U.S. market opening. An earnings conference call is scheduled for the same day at 8 AM ET. Participants can register in advance to receive access information. New Oriental offers diverse educational services, including language training, online education, and overseas study consulting. More details will be available on their investor relations website.
New Oriental Education & Technology Group (NYSE: EDU) has filed its annual report on Form 20-F for the fiscal year ending May 31, 2020, with the SEC on September 16, 2020. The report is available on the company's investor relations website, with hard copies provided free of charge to shareholders upon request. As the largest private educational service provider in China, New Oriental offers a variety of programs including K-12 tutoring, test preparation, and online education.
New Oriental Education & Technology Group Inc. (NYSE: EDU) reported a 15.6% increase in fiscal year net revenues, reaching $3.58 billion. However, net revenues for Q4 2020 fell 5.3% year-over-year to $798.5 million, with net income down 69.5% to $13.2 million. Despite challenges from COVID-19, total student enrollments grew 26.3% over the fiscal year, totaling approximately 10.59 million. Looking ahead, the company anticipates Q1 FY2021 revenues between $911.2 million and $953.5 million, indicating a potential 15% to 11% year-over-year decline.
New Oriental Education and Technology Group (NYSE: EDU) will report its fourth quarter financial results for the period ending May 31, 2020, on July 28, 2020, before market opening. The management will host an earnings call at 8 AM ET on the same day. Investors can register for the call via a dedicated link and access it through dial-in numbers provided upon registration. A live and archived webcast will also be available for those unable to join the call.
New Oriental is recognized as the largest provider of private educational services in China.
New Oriental Education & Technology Group Inc. (NYSE: EDU) has priced its offering of US$300 million in 2.125% notes due 2025. The offering is compliant with Regulation S and will be listed on the Hong Kong Stock Exchange, with net proceeds expected to be about US$297.1 million. The funds will be used for general corporate purposes. Joint bookrunners for the offering are BofA Securities and UBS AG Hong Kong Branch. The notes are not registered under the Securities Act, limiting their sale within the U.S.
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