New Oriental Announces Results for the Second Fiscal Quarter Ended November 30, 2014
Quarterly Net Revenues Increased by 13.4% Year-Over-Year
Quarterly Enrollments Increased by 10.0% Year-Over-Year
BEIJING, Jan. 20, 2015 /PRNewswire/ -- New Oriental Education and 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 fiscal quarter ended November 30, 2014, which is the second quarter of New Oriental's fiscal year 2015.
Financial Highlights for the Second Fiscal Quarter Ended November 30, 2014 [1] Beginning in the second quarter of fiscal year 2015, the Company started implementing customer loyalty programs to encourage repeat business. Under the new programs, when customers purchase academic subjects tutoring and test preparation courses, they will be able to earn points equivalent to 2-5% of their total spending, which can be used to pay for future tuition fees over the next two years. The Company uses the deferred revenue method to recognize revenues for customer loyalty programs under U.S. GAAP. The portion of revenues associated with the issued points is deferred until the points are redeemed or expired. The revenues deferred are expected to be recognized when the points are redeemed and the associated classes are taken or when expired after two years. Key Financial Results (in thousands US$, except per ADS(1) data) 2Q FY2015 2Q FY2014 % of change Net revenues 236,243 208,330 13.4% Operating income/(loss) -12,982 664 Non-GAAP operating income/(loss) (2) -7,640 6,049 Net income attributable to New Oriental 2,390 4,266 -44.0% Non-GAAP net income attributable to New Oriental(2) 7,732 9,651 -19.9% Net income per ADS attributable to New Oriental - basic 0.02 0.03 -44.2% Net income per ADS attributable to New Oriental - diluted 0.02 0.03 -43.8% Non-GAAP net income per ADS attributable to New Oriental - basic(2)(3) 0.05 0.06 -20.2% Non-GAAP net income per ADS attributable to New Oriental - diluted(2)(3) 0.05 0.06 -24.9% (in thousands US$, except per ADS(1) data) 1H FY2015 1H FY2014 % of change Net revenues 630,225 596,993 5.6% Operating income 97,539 136,132 -28.3% Non-GAAP operating income(2) 105,646 146,897 -28.1% Net income attributable to New Oriental 114,750 130,742 -12.2% Non-GAAP net income attributable to New Oriental(2) 122,857 141,507 -13.2% Net income per ADS attributable to New Oriental - basic 0.73 0.84 -13.1% Net income per ADS attributable to New Oriental - diluted 0.73 0.83 -12.5% Non-GAAP net income per ADS attributable to New Oriental - basic(2)(3) 0.78 0.91 -14.1% Non-GAAP net income per ADS attributable to New Oriental - diluted(2)(3) 0.77 0.90 -13.8% (1) Each ADS represents one common share. (3) 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, 2014 Michael Yu, New Oriental's Chairman and Chief Executive Officer, commented, "We are pleased to have achieved steady recovery in both the top-line and total student enrollments in the second quarter. Revenues increased 13.4% and the growth would have been as high as 15.4% if including temporarily deferred revenue resulting from our new customer loyalty programs. Our student enrollments had a strong pick-up of 10% year-over-year to over 621,500 even though the second quarter is traditionally slow for our business and this was driven by the strong performance of our U-Can middle and high school all-subjects after-school tutoring business which grew approximately 40%. Further, we began to roll out the new POP Kids program across the country in the second quarter as planned. Our revamp of this business has been proven quite successful as it resulted in stronger revenue performance and enrollment growth of more than 13%. We expect the strong momentum of our K-12 after-school tutoring business will continue which is important as we move towards peak season in the second half of fiscal year 2015." Mr. Yu continued, "It is important to note that in the second quarter we were very focused on executing our 'Optimize the Market' strategy. In our drive to add capacity in appropriate markets, we added a net of two learning centers during the second quarter. Also, our online business experienced rapid growth as we progressed in building our online and offline integrated education ecosystem. For example, koolearn.com, our online education platform, recorded an increase of more than 56% in revenue to approximately US$11.1 million and a 52% increase in registered users to over 256,700. Also, we have partnered with Tencent and launched a mobile app named 'uDA,' leveraging our rich resources in terms of content and educational research as well as Tencent's technological expertise and online penetration. We believe 'uDA' will help middle school and college students improve their study experience and efficiency through its three-pronged approach -- Question Scanner, Smart Push Exercises and Interactive Tutoring. We are upgrading the app and target the roll out of new services in more subjects in 2015." Louis T. Hsieh, New Oriental's President and Chief Financial Officer, commented, "It is very encouraging that our highest-potential business lines maintained healthy growth in the second quarter. Overseas test preparation and overseas study consulting businesses together recorded a year-over-year gross revenue before sales tax growth of about 16.4% to approximately US$90.6 million, while our K-12 after-school tutoring business recorded year-over-year gross revenue before sales tax growth of about 16% to approximately US$97.2 million. We also made a great deal of progress in building out our online and offline integrated education ecosystem. To be sure, fiscal 2015 is an important investment year and while this will have an impact on our annual operating margin and net income, we do believe that the great effort we made in diversifying our business model will better position New Oriental to deliver more sustainable revenue and profitability growth well into the future." Recent Developments In December 2014, the Company acquired 100% equity interest in a kindergarten chain in the city of Qingdao with three schools and approximately 700 students. The Company views this acquisition as a strategic fit with its "one-stop" education ecosystem business model and believes that it will increase New Oriental's presence in the pre-school market in China and will eventually support the Company's POP Kids and U-Can middle and high school tutoring businesses. The transaction was completed in December 2014 and the kindergarten's financial results will be consolidated into New Oriental's results from the third fiscal quarter ended February 30, 2015. Financial Results for the Second Fiscal Quarter Ended November 30, 2014 Net Revenues For the second fiscal quarter of 2015, New Oriental reported net revenues of US$236.2 million, representing a 13.4% increase year-over-year. Net revenues from educational programs and services for the second fiscal quarter were US$212.0 million, representing a 12.5% increase year-over-year. The growth was mainly driven by an increase in student enrollments in academic subjects tutoring and test preparation courses. Total student enrollments in academic subjects tutoring and test preparation courses in the second fiscal quarter of 2015 increased by 10.0% year-over-year to approximately 621,500. Operating Costs and Expenses Operating costs and expenses for the quarter were US$249.2 million, representing a 20.0% increase year-over-year. Non-GAAP operating costs and expenses for the quarter, which exclude share-based compensation expenses, were US$243.9 million, representing a 20.6% increase year-over-year. Total share-based compensation expenses, which were allocated to related operating costs and expenses, decreased by 0.8% to US$5.3 million in the second fiscal quarter of 2015. Operating Income and Operating Margin Loss from operations was US$13.0 million, compared to an income of US$0.7 million in the same period of the prior fiscal year. Non-GAAP loss from operations for the quarter was US$7.6 million, compared to non-GAAP income from operations of US$6.0 million in the same period of the prior fiscal year. Operating margin for the quarter was negative 5.5%, compared to 0.3% in the same period of the prior fiscal year. Non-GAAP operating margin, which excludes share-based compensation expenses, for the quarter was negative 3.2%, compared to 2.9% in the same period of the prior fiscal year. Net Income and EPS Net income attributable to New Oriental for the quarter was US$2.4 million, representing a 44.0% decrease from the same period of the prior fiscal year. Basic and diluted earnings per ADS attributable to New Oriental were US$0.02 and US$0.02, respectively. Non-GAAP Net Income and Non-GAAP EPS Non-GAAP net income attributable to New Oriental for the quarter was US$7.7 million, representing a 19.9% decrease from the same period of the prior fiscal year. Non-GAAP basic and diluted earnings per ADS attributable to New Oriental were US$0.05 and US$0.05, respectively. Cash Flow Net operating cash flow for the second fiscal quarter of 2015 was approximately US$26.7 million. Capital expenditures for the quarter were US$15.2 million, which were primarily attributable to the opening of 15 new learning centers and renovations at existing learning centers. Balance Sheet As of November 30, 2014, New Oriental had cash and cash equivalents of US$451.7 million, as compared to US$547.9 million as of August 31, 2014. In addition, the Company had US$65.4 million in term deposits, US$541.4 million in short-term investment and US$254.3 million in long-term held-to-maturity investments consisting of trusts guaranteed by a bank with the maturity date more than one year from the date of purchase as of November 30, 2014. Financial Results for the Six Months Ended November 30, 2014 For the first six months of fiscal year 2015, New Oriental reported net revenues of US$630.2 million, representing a 5.6% increase year-over-year. Total student enrollments in academic subjects tutoring and test preparation courses in the first six months of fiscal year 2015 increased by 1.7% to approximately 1,510,000. Income from operations for the first six months of fiscal year 2015 was US$97.5 million, representing a 28.3% decrease year-over-year. Non-GAAP income from operations for the first six months of fiscal year 2015 was US$105.6 million, representing a 28.1% decrease year-over-year. Operating margin for the first six months of fiscal year 2015 was 15.5%, compared to 22.8% for the same period of the prior fiscal year. Non-GAAP operating margin, which excludes share-based compensation expenses for the first six months of fiscal year 2015, was 16.8%, compared to 24.6% for the same period of the prior fiscal year. Net income attributable to New Oriental for the first six months of fiscal year 2015 was US$114.8 million, representing a 12.2% decrease year-over-year. Basic and diluted net income per ADS attributable to New Oriental for the first six months of fiscal year 2015 amounted to US$0.73 and US$0.73, respectively. Non-GAAP net income attributable to New Oriental for the first six months of fiscal year 2015 was US$122.9 million, representing a 13.2% decrease year-over-year. Non-GAAP basic and diluted net income per ADS attributable to New Oriental for the first six months of fiscal year 2015 amounted to US$0.78 and US$0.77, respectively. Outlook for Third Quarter of Fiscal Year 2015 New Oriental expects total net revenues in the third quarter of fiscal year 2015 (December 1, 2014 to February 28, 2015) to be in the range of US$279.8 million to US$290.0 million, representing year-over-year growth in the range of 10% to 14%. If not including the deduction of approximately US$5 million revenue that will be deferred resulting from the Company's new customer loyalty programs and the impact from the recent depreciation of Renminbi against the U.S. Dollar, the projected revenue growth rate is expected to be in the range of 15% to 19% for the third quarter of fiscal year 2015. This forecast reflects New Oriental's current and preliminary view, which is subject to change. Conference Call Information New Oriental's management will host an earnings conference call at 8 AM on January 20, 2015, U.S. Eastern Time (9 PM on January 20, 2015, Beijing/Hong Kong Time). Dial-in details for the earnings conference call are as follows: US: +1-845-675-0437 Please dial in 10 minutes before the call is scheduled to begin and provide the passcode to join the call. The passcode is "New Oriental Earnings Call." A replay of the conference call may be accessed by phone at the following number until January 28, 2015: International: +61-2-8199-0299 Additionally, a live and archived webcast of the conference call will be available at http://investor.neworiental.org. About New Oriental New Oriental is the largest provider of private educational services in China based on the number of program offerings, total student enrollments and geographic presence. New Oriental offers a wide range of educational programs, services and products consisting primarily of English and other foreign language training, test preparation courses for major admissions and assessment tests in the United States, the PRC and Commonwealth countries, primary and secondary school education, development and distribution of educational content, software and other technology, and online education. New Oriental's ADSs, each of which represents one common share, currently trade on the New York Stock Exchange under the symbol ''EDU.'' For more information about New Oriental, please visit http://english.neworiental.org. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the outlook for the third quarter of fiscal year 2015, quotations from management in this announcement, as well as New Oriental's strategic and operational plans, contain forward-looking statements. New Oriental may also make written or oral forward-looking statements in its reports filed or furnished to the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about New Oriental's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: our ability to attract students without a significant decrease in course fees; our ability to continue to hire, train and retain qualified teachers; our ability to maintain and enhance our "New Oriental" brand; our ability to effectively and efficiently manage the expansion of our school network and successfully execute our growth strategy; the outcome of ongoing, or any future, litigation or arbitration, including those relating to copyright and other intellectual property rights; competition in the private education sector in China; changes in our revenues and certain cost or expense items as a percentage of our revenues; the expected growth of the Chinese private education market; Chinese governmental policies relating to private educational services and providers of such services; health epidemics and other outbreaks in China; and general economic conditions in China. Further information regarding these and other risks is included in our annual report on Form 20-F and other documents filed with the Securities and Exchange Commission. New Oriental does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release and in the attachments is as of the date of this press release, and New Oriental undertakes no duty to update such information, except as required under applicable law. About Non-GAAP Financial Measures To supplement New Oriental's consolidated financial results presented in accordance with GAAP, New Oriental uses the following measures defined as non-GAAP financial measures by the SEC: net income excluding share-based compensation expenses, operating income excluding share-based compensation expenses, operating costs and expenses excluding share-based compensation expenses, general and administrative expenses excluding share-based compensation expenses, operating margin excluding share-based compensation expenses, and basic and diluted net income per ADS and per share excluding share-based compensation expenses. 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 GAAP. For more information on these non-GAAP financial measures, please see the tables captioned "Reconciliations of non-GAAP measures to the most comparable GAAP measures" set forth at the end of this release. New Oriental believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding share-based compensation expenses that may not be indicative of its operating performance from a cash perspective. New Oriental believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management's internal comparisons to New Oriental's historical performance and liquidity. New Oriental computes its non-GAAP financial measures using the same consistent method from quarter to quarter. New Oriental believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using these non-GAAP measures is that they exclude share-based compensation charge that has been and will continue to be for the foreseeable future a significant recurring expense in our business. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying tables have more details on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures. Contacts For investor and media inquiries, please contact: In China: Ms. Cara O'Brien Ms. Sisi Zhao NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) As of November 30 As of August 31 2014 2014 (Unaudited) (Unaudited) USD USD ASSETS: Current assets: Cash and cash equivalents 451,686 547,855 Restricted cash, current 497 741 Term deposits 65,404 55,570 Short term investments 541,435 549,467 Accounts receivable, net 5,827 3,375 Inventory 24,676 24,076 Deferred tax assets, current 9,827 9,520 Prepaid expenses and other current assets 80,294 83,446 Amounts due from related parties, current 2,748 3,089 Total current assets 1,182,394 1,277,139 Property, plant and equipment, net 231,320 230,812 Land use rights, net 4,359 4,388 Amounts due from related parties, non-current 2,334 1,931 Deferred tax assets, non-current 3,377 3,257 Long term deposit 12,334 12,693 Long term prepaid rent 742 979 Restricted cash, non-current 1,701 1,701 Intangible assets 716 729 Goodwill 3,755 3,755 Long term investments 305,822 222,289 Prepayment of an acquisition 1,883 1,883 Other non-current assets 3,581 - Total assets 1,754,318 1,761,556 LIABILITIES AND EQUITY Current liabilities: Accounts payable (including accounts payable of the consolidated 11,689 17,621 Accrued expenses and other current liabilities (including accrued 139,790 158,442 Income taxes payable (including income tax payable of the 22,934 28,051 Amounts due to related party(including amounts due to related 14 7 Deferred revenue (including deferred revenue of the consolidated 440,746 398,949 Total current liabilities 615,173 603,070 Deferred tax liabilities (including deferred tax liabilities of the 1,703 1,721 Total long-term liabilities 1,703 1,721 Total liabilities 616,876 604,791 Total shareholder's equity 1,137,442 1,156,765 Total liabilities and shareholder's equity 1,754,318 1,761,556 NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands except for per share and per ADS amounts) For the Three Months Ended November 30 2014 2013 (Unaudited) (Unaudited) USD USD Net Revenues: Educational programs and services 211,951 188,483 Books and others 24,292 19,847 Total net revenues 236,243 208,330 Operating costs and expenses (note 1): Cost of revenues 114,601 97,474 Selling and marketing 44,188 36,782 General and administrative 90,436 73,410 Total operating costs and expenses 249,225 207,666 Operating income (loss) (12,982) 664 Other income, net 16,816 9,701 Provision for income taxes (1,225) (5,562) Loss from equity method investment (219) (537) Net income attributable to New Oriental Education & 2,390 4,266 Net income per share attributable to New Oriental-Basic 0.02 0.03 Net income per share attributable to New Oriental-Diluted 0.02 0.03 Net income per ADS attributable to New Oriental-Basic 0.02 0.03 Net income per ADS attributable to New Oriental-Diluted 0.02 0.03 Other comprehensive (loss) income, net of tax (1,818) 6,544 Comprehensive income 572 10,810 Comprehensive income attributable to New Oriental 572 10,810 Notes: Note 1: Share-based compensation expenses (in thousands) are included in the operating costs and expenses as follows: For the Three Months Ended November 30 2014 2013 (Unaudited) (Unaudited) USD USD Cost of revenues 199 - Selling and marketing 170 - General and administrative 4,973 5,385 Total 5,342 5,385 Note 2: Each ADS represents one common share. NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. RECONCILIATION OF NON-GAAP MEASURES TO THE MOST COMPARABLE GAAP MEASURES (In thousands except for per share and per ADS amounts) For the Three Months Ended November 30 2014 2013 (Unaudited) (Unaudited) USD USD General and administrative expenses 90,436 73,410 Share-based compensation expense in general 4,973 5,385 Non-GAAP general and administrative expenses 85,463 68,025 Total operating costs and expenses 249,225 207,666 Share-based compensation expenses 5,342 5,385 Non-GAAP operating costs and expenses 243,883 202,281 Operating income(loss) (12,982) 664 Share-based compensation expenses 5,342 5,385 Non-GAAP operating income(loss) (7,640) 6,049 Operating margin -5.5% 0.3% Non-GAAP operating margin -3.2% 2.9% Net income attributable to New Oriental 2,390 4,266 Share-based compensation expenses 5,342 5,385 Non-GAAP net income 7,732 9,651 Net income per ADS attributable to 0.02 0.03 Net income per ADS attributable to 0.02 0.03 Non-GAAP net income per ADS attributable to 0.05 0.06 Non-GAAP net income per ADS attributable to 0.05 0.06 Weighted average shares used in calculating 156,541,669 155,837,230 Weighted average shares used in calculating 157,394,907 157,845,516 Non-GAAP income per share - basic 0.05 0.06 Non-GAAP income per share - diluted 0.05 0.06 Note 1: Each ADS represents one common share.
(2) 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 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.
Hong Kong: +852-3018-6771
UK: +44-20-3059-8139
Passcode: 56862803
FTI Consulting
Tel: +852-3768-4537
Email: [email protected]
New Oriental Education and Technology Group Inc.
Tel: +86-10-6260-5568
Email: [email protected]
VIE without recourse to New Oriental of US$12,217 and
US$11,596 as of August 31, 2014 and November 30, 2014,
respectively)
expenses and other current liabilities of the consolidated VIE
without recourse to New Oriental of US$138,290 and
US$125,228 as of August 31, 2014 and November 30, 2014,
respectively)
consolidated VIE without recourse to New Oriental of US$27,236
and US$22,237 as of August 31, 2014 and November 30, 2014,
respectively)
parties of the consolidated VIE without recourse to New Oriental
of US$nil and US$nil as of August 31, 2014 and November 30,
2014, respectively)
VIE without recourse to New Oriental of US$396,672 and
US$438,042 as of August 31, 2014 and November 30, 2014,
respectively)
consolidated VIE without recourse to New Oriental of
US$1,721and US$1,703 as of August 31, 2014 and November 30,
2014, respectively)
Technology Group Inc.
(note 2)
(note 2)
Education & Technology Group Inc.
and administrative expenses
New Oriental- Basic (note 1)
New Oriental- Diluted (note 1)
New Oriental - Basic (note 1)
New Oriental - Diluted (note 1)
basic net income per ADS (note 1)
diluted net income per ADS (note 1)
|
NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. | |||||
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||
|
(In thousands except for per share and per ADS amounts) | |||||
|
For the Six Months Ended November 30 | |||||
|
2014 |
2013 | ||||
|
(Unaudited) |
(Unaudited) | ||||
|
USD |
USD | ||||
|
Net Revenues: |
|||||
|
Educational programs and services |
573,322 |
541,768 | |||
|
Books and others |
56,903 |
55,225 | |||
|
Total net revenues |
630,225 |
596,993 | |||
|
Operating costs and expenses (note 1): |
|||||
|
Cost of revenues |
263,077 |
230,083 | |||
|
Selling and marketing |
93,720 |
79,474 | |||
|
General and administrative |
175,889 |
151,304 | |||
|
Total operating costs and expenses |
532,686 |
460,861 | |||
|
Operating income |
97,539 |
136,132 | |||
|
Other income, net |
32,908 |
19,929 | |||
|
Provision for income taxes |
(15,418) |
(24,322) | |||
|
Loss from equity method investment |
(279) |
(997) | |||
|
Income from continuing operations |
114,750 |
130,742 | |||
|
Net income attributable to New Oriental Education |
114,750 |
130,742 | |||
|
Net income per share attributable to |
0.73 |
0.84 | |||
|
Net income per share attributable to |
0.73 |
0.83 | |||
|
Net income per ADS attributable to |
0.73 |
0.84 | |||
|
Net income per ADS attributable to |
0.73 |
0.83 | |||
|
Other comprehensive income, net of tax |
24,782 |
7,913 | |||
|
Comprehensive income |
139,532 |
138,655 | |||
|
Comprehensive income attributable to |
139,532 |
138,655 | |||
|
Notes: |
|||||
|
Note 1: Share-based compensation expenses (in thousands) are included in the operating costs and expenses as follows: | |||||
|
For the Six Months Ended November 30 | |||||
|
2014 |
2013 | ||||
|
(Unaudited) |
(Unaudited) | ||||
|
USD |
USD | ||||
|
Cost of revenues |
199 |
- | |||
|
Selling and marketing |
170 |
- | |||
|
General and administrative |
7,738 |
10,765 | |||
|
Total |
8,107 |
10,765 | |||
|
Note 2: Each ADS represents one common share. |
|||||
|
NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. | |||||
|
RECONCILIATION OF NON-GAAP MEASURES TO THE MOST COMPARABLE GAAP MEASURES | |||||
|
(In thousands except for per share and per ADS amounts) | |||||
|
For the Six Months Ended November 30 | |||||
|
2014 |
2013 | ||||
|
(Unaudited) |
(Unaudited) | ||||
|
USD |
USD | ||||
|
General and administrative expenses |
175,889 |
151,304 | |||
|
Share-based compensation expense in |
7,738 |
10,765 | |||
|
Non-GAAP general and administrative expenses |
168,151 |
140,539 | |||
|
Total operating costs and expenses |
532,686 |
460,861 | |||
|
Share-based compensation expenses |
8,107 |
10,765 | |||
|
Non-GAAP operating costs and expenses |
524,579 |
450,096 | |||
|
Operating income |
97,539 |
136,132 | |||
|
Share-based compensation expenses |
8,107 |
10,765 | |||
|
Non-GAAP operating income |
105,646 |
146,897 | |||
|
Operating margin |
15.5% |
22.8% | |||
|
Non-GAAP operating margin |
16.8% |
24.6% | |||
|
Net income attributable to New Oriental |
114,750 |
130,742 | |||
|
Share-based compensation expenses |
8,107 |
10,765 | |||
|
Non-GAAP net income |
122,857 |
141,507 | |||
|
Net income per ADS attributable to |
0.73 |
0.84 | |||
|
Net income per ADS attributable to |
0.73 |
0.83 | |||
|
Non-GAAP net income per ADS attributable to |
0.78 |
0.91 | |||
|
Non-GAAP net income per ADS attributable to |
0.77 |
0.90 | |||
|
Weighted average shares used in calculating |
157,115,883 |
155,484,823 | |||
|
Weighted average shares used in calculating |
157,979,364 |
157,475,053 | |||
|
Non-GAAP income per share - basic |
0.78 |
0.91 | |||
|
Non-GAAP income per share - diluted |
0.77 |
0.90 | |||
|
Note 1: Each ADS represents one common share. |
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SOURCE New Oriental Education and Technology Group Inc.
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