Top-News
Montag,
20.01.2020 12:35
von
PR Newswire
| Aufrufe: 112
New Oriental Announces Results for the Second Fiscal Quarter Ended November 30, 2019
Wirtschaftsnachrichten (Symbolbild)
©unsplash.com
PR Newswire
BEIJING, Jan. 20, 2020
Quarterly Net Revenues Increased by 31.5% Year-Over-Year
Quarterly Student Enrollments Increased by 63.3% Year-Over-Year
Quarterly Non-GAAP operating margin rose by 720 basis points
BEIJING, Jan. 20, 2020 /PRNewswire/ -- New Oriental Education & Technology Group Inc. (the "Company" or "New Oriental") (NYSE: EDU), the largest provider of private educational services in China, today announced its unaudited financial results for the second fiscal quarter ended November 30, 2019, which is the second quarter of New Oriental's fiscal year 2020.
Financial Highlights for the Second Fiscal Quarter Ended November 30, 2019
- Total net revenues increased by 31.5% year-over-year to US$785.2 million for the second fiscal quarter of 2020.
- Operating income was US$25.3 million, compared to a loss from operations of US$28.6 million in the same period of the prior fiscal year.
- Net income attributable to New Oriental was US$53.4 million, compared to a net loss of US$25.8 million in the same period of the prior fiscal year.
Key Financial Results
| (in thousands US$, except per ADS(1) data) | 2Q FY2020 | 2Q FY2019 | % of change |
| Net revenues | 785,211 | 597,072 | 31.5% |
| Operating income/ (loss) | 25,299 | (28,553) | 188.6% |
| Non-GAAP operating income/ (loss) (2)(3) | 36,514 | (14,866) | 345.6% |
| Net income/ (loss) attributable to New Oriental | 53,437 | (25,826) | 306.9% |
| Non-GAAP net income attributable to New Oriental (2)(3) | 56,987 | 22,996 | 147.8% |
| Net income/ (loss) per ADS attributable to New Oriental - basic | 0.34 | (0.16) | 307.3% |
| Net income/ (loss) per ADS attributable to New Oriental - diluted | 0.34 | (0.16) | 306.5% |
| Non-GAAP net income per ADS attributable to New Oriental - basic(3)(4) | 0.36 | 0.14 | 148.2% |
| Non-GAAP net income per ADS attributable to New Oriental - diluted(3)(4) | 0.36 | 0.14 | 147.3% |
| | | | |
| (in thousands US$, except per ADS(1) data) | 1H FY2020 | 1H FY2019 | % of change |
| Net revenues | 1,856,988 | 1,456,918 | 27.5% |
| Operating income | 271,495 | 132,782 | 104.5% |
| Non-GAAP operating income (2)(3) | 293,730 | 160,389 | 83.1% |
| Net income attributable to New Oriental | 262,427 | 97,406 | 169.4% |
| Non-GAAP net income attributable to New Oriental (2)(3) | 287,149 | 207,132 | 38.6% |
| Net income per ADS attributable to New Oriental - basic | 1.66 | 0.61 | 169.9% |
| Net income per ADS attributable to New Oriental - diluted | 1.65 | 0.61 | 168.7% |
| Non-GAAP net income per ADS attributable to New Oriental - basic(3)(4) | 1.81 | 1.31 | 38.9% |
| Non-GAAP net income per ADS attributable to New Oriental - diluted(3)(4) | 1.80 | 1.30 | 38.3% |
| (1) Each ADS represents one common share. |
| (2) GAAP represents Generally Accepted Accounting Principles in the United States of America. |
| (3) New Oriental provides net income attributable to New Oriental, operating income and net income per ADS attributable to New Oriental on a non-GAAP basis that excludes share-based compensation expenses and loss from fair value change of long-term investments to provide supplemental information regarding its operating performance. For more information on these non-GAAP financial measures, please see the section captioned "About Non-GAAP Financial Measures" and the tables captioned "Reconciliations of Non-GAAP Measures to the Most Comparable GAAP Measures" set forth at the end of this release. |
| (4) The Non-GAAP net income per ADS is computed using Non-GAAP net income and the same number of shares and ADSs used in GAAP basic and diluted EPS calculation. |
Operating Highlights for the Second Fiscal Quarter Ended November 30, 2019
- Total student enrollments in academic subjects tutoring and test preparation courses increased by 63.3% year-over-year to approximately 3,789,200 for the second fiscal quarter of 2020.
- The total number of schools and learning centers was 1,304 as of November 30, 2019, an increase of 179 compared to 1,125 as of November 30, 2018, and an increase of 43 compared to 1,261 as of August 31, 2019. The total number of schools was 97 as of November 30, 2019.
Michael Yu, New Oriental's Executive Chairman, commented, "We are very pleased to report a set of solid financial results in the second fiscal quarter of this year, delivering both accelerated top-line growth and continued operating margin expansion. Total net revenue growth was 31.5%, or 34.8% if measured in Renminbi, which exceeded the high-end of our expected range. The K-12 after-school tutoring business continued its strong momentum, and achieved a year-over-year revenue growth of approximately 46%, or 49% if measured in Renminbi. Furthermore, our U-Can middle and high school all-subjects after-school tutoring business grew by approximately 43%, or 46% if measured in Renminbi, while our POP Kids program achieved a growth of approximately 51%, or 55% if measured in Renminbi."
Chenggang Zhou, New Oriental's Chief Executive Officer, added, "We continued to implement our "Optimize the Market" Strategy in this quarter, and carried out capacity expansion in cities where we see potential for rapid growth and strong profitability. During this quarter, we added a net of 41 learning centers in existing cities, opened a new training school in the city of Huizhou, and launched a dual-teacher model in a school in the city of Chengde. By the end of this quarter, the total square meters of classroom area increased by approximately 25% year-over-year, and 6% quarter-over-quarter. In the meantime, we continued our efforts in upgrading our online-merge-offline (OMO) standardized classroom teaching system, while continuing to roll out interactive courseware in the POP Kids program in more cities. We are very encouraged to have received positive feedback from our customers, and see sustained improvement in customer retention rate. We also continued to make strategic investments into our dual-teacher model classes as well as new initiatives in K-12 tutoring on our pure online education platform, Koolearn.com, to leverage our advanced teaching resources in lower tiers cities and remote areas.
Stephen Zhihui Yang, New Oriental's Chief Financial Officer, commented, "Following last quarter's strong bottom line performance, we once again achieved year-over-year operating margin expansion in this quarter. During the quarter, we recorded non-GAAP operating income of US$36.5 million, compared to a loss of US$14.9 million in the same period of last year. Non-GAAP operating margin rose by 720 basis points to 4.7%, from negative 2.5% a year ago. The continued margin expansion is mainly driven by better leverage in classroom rental and related operating expenses, as we consistently improve the utilization of facilities. In addition, supported by a standardized, modularized and systemized operating process, we achieved an outstanding improvement in operational efficiency within each key business unit. We are confident that we will be able to deliver continued margin expansion, and generate sustainable long-term value to our customers and shareholders."
Financial Results for the Second Fiscal Quarter Ended November 30, 2019
Net Revenues
For the second fiscal quarter of 2020, New Oriental reported net revenues of US$785.2 million, representing a 31.5% increase year-over-year. Net revenues from educational programs and services for the second fiscal quarter were US$723.3 million, representing a 33.0% increase year-over-year. The growth was mainly driven by increases in student enrollments in K-12 after-school tutoring courses.
Total student enrollments in academic subjects tutoring and test preparation courses in the second fiscal quarter of 2020 increased by 63.3% year-over-year to approximately 3,789,200. The higher-than-normal increase in the number of student enrollments is primarily due to the division of the autumn semester into two parts. Under this method, student enrollments in the autumn semester are recorded separately for each part and the student enrollments for each part fall into separate quarters. This practice was adopted in November 2018 to comply with the latest regulatory requirements.
Werbung
Mehr Nachrichten zur New Oriental Education & Technology Group Inc. ADR Aktie kostenlos abonnieren
E-Mail-Adresse
Bitte überprüfe deine die E-Mail-Adresse.
Benachrichtigungen von ARIVA.DE
(Mit der Bestellung akzeptierst du die Datenschutzhinweise)
(Mit der Bestellung akzeptierst du die Datenschutzhinweise)
-1
Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink.
Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte.
