FOSHAN, China, Aug. 16,
2023 /PRNewswire/ -- Bright Scholar Education
Holdings Limited ("Bright Scholar," the "Company," "we" or "our")
(NYSE: BEDU), a global premier education service company,
today announced its unaudited financial results for the six months
of fiscal 2023 ended February 28,
2023.
FISCAL SIX MONTHS 2023 FINANCIAL PERFORMANCE
HIGHLIGHTS
Six Months Ended February
28, 2023 (in comparison to the same period of the last
fiscal year):
RMB in
million
Except EPS and
%
|
Six
Months
Ended February 28,
2023
|
Six
Months
Ended February 28,
2022
|
YoY
%
Change
|
Revenue
|
977.5
|
873.5
|
11.9 %
|
Gross Profit
|
295.2
|
258.9
|
14.0 %
|
Gross Margin
|
30.2 %
|
29.6 %
|
0.6 %
|
Operating
Income/(Loss)
|
25.7
|
(22.9)
|
211.8 %
|
Operating
Margin
|
2.6 %
|
(2.6 %)
|
5.2 %
|
Net Loss for the
period
|
(8.8)
|
(52.9)
|
83.4 %
|
|
|
|
|
Adjusted Gross Profit
(1)
|
302.8
|
268.3
|
12.9 %
|
Adjusted Operating
Income/(Loss) (2)
|
33.3
|
(14.4)
|
331.2 %
|
Adjusted Net Loss
(3) for the period
|
(2.7)
|
(46.4)
|
94.1 %
|
Adjusted EBITDA
(4) for the period
|
63.5
|
127.7
|
(50.3 %)
|
|
|
|
|
Basic and Diluted Loss
per Share
|
(0.10)
|
(0.42)
|
76.2 %
|
Adjusted Basic and
Diluted Loss per Share (5) for the period
|
(0.05)
|
(0.36)
|
86.1 %
|
Basic and Diluted Loss
per ADS
|
(0.40)
|
(1.68)
|
76.2 %
|
Adjusted Basic and
Diluted Loss per ADS (6) for the period
|
(0.20)
|
(1.44)
|
86.1 %
|
1. Adjusted
gross profit/(loss) is defined as gross profit/(loss) excluding
amortization of intangible assets.
|
2. Adjusted
operating income/(loss) is defined as operating income/(loss)
excluding share-based compensation expense and amortization of
intangible assets.
|
3. Adjusted
net income/(loss) is defined as net income/(loss) excluding
share-based compensation expense, amortization of intangible
assets, tax effect of amortization of intangible assets.
|
4. Adjusted
EBITDA is defined as net income/(loss) excluding interest
income/(expense), net, income tax expense/benefit; depreciation and
amortization and share-based compensation expense.
|
5. Adjusted
basic and diluted earnings/(loss) per share is defined as adjusted
net income/(loss) attributable to ordinary shareholders (net
income/(loss) attributable to ordinary shareholders excluding
share-based compensation expense, amortization of intangible
assets, tax effect of amortization of intangible assets.) divided
by the weighted average number of basic and diluted ordinary
shares.
|
6. Adjusted
basic and diluted earnings/(loss) per American depositary share
("ADS") is defined as adjusted net income/(loss) attributable to
ADS shareholders (net income/(loss) attributable to ADS
shareholders excluding share-based compensation expense,
amortization of intangible assets, tax effect of amortization of
intangible assets.) divided by the weighted average number of basic
and diluted ADSs. The number of shares used in calculating basic
and diluted earnings/(loss) per ADS have been retrospectively
adjusted to reflect the ADS ratio change from
one ADS representing one Class A ordinary share to
one ADS representing four Class A ordinary shares, which
became effective on August 19, 2022.
|
|
For more information on
these adjusted financial measures, please see the section captioned
under "Non-GAAP Financial Measures" and the tables captioned
"Reconciliations of GAAP and Non-GAAP Results" set forth at the end
of this release.
|
Overseas Schools (CATS Global Schools)
CATS Global
Schools included 4 Stafford House locations in UK and Canada, 4 CATS Colleges in US and UK,
Cambridge School of Visual & Performing Arts and 3 independent
boarding schools in UK as of February 28,
2023.
- For the six-month period, revenue increased by 17.4% and
amounted to RMB402.9 million,
compared to RMB343.3 million in the
same period of last fiscal year, and accounted for 41.2% of the
total revenue.
Complementary Education Services
The complementary education services business comprised language
training, overseas study counselling, career counselling, study
tour and camps as well as international contest training and
others.
- For the six-month period, revenue increased 14.5% and amounted
to RMB365.3 million, compared to
RMB318.9 million for the same period
of last fiscal year, and accounted for 37.4% of the total
revenue.
Domestic Kindergartens & K-12 Operation Services
The domestic kindergartens & K-12 operation
services business comprises of for-profit kindergartens and
operation services for domestic K-12 schools including catering and
procurement services.
- For the six-month period, revenue amounted to RMB209.3 million, as compared to RMB211.3 million for the same period of last
fiscal year, and accounted for 21.4% of the total revenue.
MANAGEMENT COMMENTARY
"We delivered a solid performance in the first half of fiscal
2023 against an uncertain macroeconomic backdrop, underpinned by
the strength of our diversified global business portfolio and our
focus on disciplined and rigorous execution," said Mr. Tim Hongru Zhou, Chair & Chief Executive
Officer of Bright Scholar. "In the period, we recorded a 11.9%
growth in revenue, 14.0% increase in gross profit and 211.8%
increase in operating income as compared to operating loss in the
same period of the last fiscal year. Our adjusted net loss has
substantially narrowed to RMB2.7
million from RMB46.4 million,
representing a year-over-year improvement of 94.1%."
"The top line growth was primarily driven by the strong business
recovery in our overseas schools and complementary education
services businesses in the first half of fiscal 2023. During the
period, the Overseas Schools segment, which contributed to 41.2% of
the total revenue, experienced the strongest business recovery, and
this segment now presents enormous market opportunities for scaling
growth. This segment was the major contributor to an improved
bottom line in this period, resulting from its increasing operating
leverage."
"Since the lifting of COVID restrictions in early 2023, the
Complementary Education Services segment, which accounted for 37.4%
of the total revenue, experienced a strong rebound in its major
businesses. We are encouraged by the upward trends in
overseas study counselling and international contest training
services, and we see promising prospects for increasing their scale
over the medium term. Our plan for the next phase of growth in this
segment is to concentrate on enhancing the overall business mix to
achieve higher returns."
"On the other hand, the Domestic Kindergartens & K-12
Operation Services segment, which represented 21.4% of the total
revenue, had a relatively slower rebound after the pandemic, with a
continued downward trend in core service revenue. We anticipate
that this segment will continue to face market headwinds," Mr. Zhou
continued.
"Members of the new management team appreciate the opportunity
to fully immerse ourselves into the Company. Following a strategic
and holistic analysis of our businesses, we identified
opportunities and gaps, prioritised our strategic imperatives, and
re-engineered our cost base. Furthermore, in July 2023, we proactively paid off all our
outstanding bank loans, an initiative aimed at bolstering our
financial sustainability and reducing interest expenses. With these
ongoing substantive changes, we believe we are operating from a
position of strength. This is crucial to our ongoing efforts to
enhance the performance of our portfolio of businesses and achieve
growth that is both scalable and sustainable."
"As we look ahead, we will further refine our strategy and
enhance our business models to capitalise on market opportunities
for scaling up our global businesses and, at the same time to build
resilience to enable us to achieve strong profitable growth in
revenue, adjusted EBITDA and cashflow, even in challenging economic
circumstances. This in turn will allow us to generate long-term
value for our shareholders," Mr. Zhou concluded.
UNAUDITED FINANCIAL RESULTS for FISCAL SIX Months
ENDED February 28, 2023
Revenue
Revenue for the period was RMB977.5
million, representing an 11.9% increase from RMB873.5 million for the same period of the last
fiscal year.
Overseas Schools: Revenue contribution for the period was
RMB402.9 million, representing a
17.4% increase from RMB343.3 million
for the same period of the last fiscal year. The increase was
mainly attributable to the recovery of overseas schools' operation
from the pandemic.
Complementary Education Services: Revenue contribution
for the period was RMB365.3 million,
representing a 14.5% increase from RMB318.9
million for the same period of the last fiscal year. The
increase was mainly attributable to the recovery of overseas study
counselling and international contest training business.
Domestic Kindergartens & K-12 Operation Services:
Revenue contribution for the period was RMB209.3 million, as compared to RMB211.3 million for the same period of the last
fiscal year. The decrease was primarily caused by the
short-term negative impact of the pandemic resurgence that occurred
immediately after the lifting of COVID-19 restrictions.
Additionally, the expected rebound in business activity was lower
than anticipated, further exacerbating the situation.
Cost of Revenue
Cost of revenue for the period was RMB682.3 million, as compared to RMB614.6 million for the same period last fiscal
year.
Gross Profit, Gross Margin and Adjusted Gross Profit
Gross profit for the period was RMB295.2
million, representing a 14.0% increase from RMB258.9 million for the same period of the last
fiscal year. Gross margin increased to 30.2% from 29.6% for the
same period of the last fiscal year.
Adjusted gross profit for the period was RMB302.8 million, representing a 12.9% increase
from RMB268.3 million for the same
period of the last fiscal year.
Selling, General and Administrative Expenses
Total SG&A expenses for the period were RMB295.7 million, as compared to RMB284.9 million for the same period of the last
fiscal year.
Operating Income/Loss, Operating Margin and Adjusted
Operating Income/Loss
Operating income for the period was RMB25.7 million, as comparing to operating loss
of RMB22.9 million for the same
period of the last fiscal year. Operating margin was 2.6% for the
period, as compared to (2.6%) for the same period of the last
fiscal year.
Adjusted operating income for the period was RMB33.3 million, as comparing to adjusted
operating loss of RMB14.4 million for
the same period of the last fiscal year.
Net Loss and Adjusted Net
Loss
Net loss for the period was RMB8.8
million, representing an 83.4% decrease in loss from net
loss of RMB52.9 million for the same
period of the last fiscal year.
Adjusted net loss for the period was RMB2.7 million, representing an 94.1% decrease in
loss from net loss of RMB46.4 million
for the same period of the last fiscal year.
Loss per ordinary share/ADS and Adjusted Loss per ordinary
share/ADS
Basic and diluted net loss per ordinary share attributable to
ordinary shareholders for the period were RMB0.10 and RMB0.10, respectively, as compared to loss of
RMB0.42 and RMB0.42, respectively, for the same period of the
last fiscal year.
Adjusted basic and diluted net loss per ordinary share
attributable to ordinary shareholders for the period were
RMB0.05 and RMB0.05, respectively, as compared to loss of
RMB0.36 and RMB0.36, respectively, for the same period of the
last fiscal year.
Basic and diluted net loss per ADS attributable to ADS holders
for the period were RMB0.40 and
RMB0.40, respectively, as compared to
loss of RMB1.68 and RMB1.68, respectively, for the same period of the
last fiscal year.
Adjusted basic and diluted net loss per ADS attributable to ADS
holders for the period were RMB0.20
and RMB0.20, respectively, as
compared to loss of RMB1.44 and
RMB1.44, respectively, for the same
period of the last fiscal year.
Adjusted EBITDA
Adjusted EBITDA for the period was RMB63.5 million, as compared to adjusted EBITDA
of RMB127.7 million for the same
period of the last fiscal year. This is due to the decline of
investment income from finance product investment.
Cash and Working Capital
As of February 28, 2023, the
Company's cash and cash equivalents and restricted cash were
RMB826.3 million (US$119.2 million), as compared to RMB856.1 million as of August 31, 2022.
GUIDANCE FOR FISCAL YEAR ENDING AUGUST
31, 2023
For the fiscal year 2023, the Company currently expects its
revenue to be in a range of RMB1.9
billion and RMB2.0 billion,
representing a year-over-year growth of 10% to 15%.
This guidance is based on the current market and operating
conditions and reflects the Company's current and preliminary
estimates of such market and operating conditions and market
demand, which are all subject to change.
RECENT DEVELOPMENTS
Going Private Proposal
On December 30, 2022, the Company
received a letter dated December 29,
2022 from Ms. Huiyan Yang and
Ms. Meirong Yang (collectively, the
"Buyer Group"), informing the Company the decision of the Buyer
Group to withdraw the non-binding going private proposal (the
"Proposal") dated April 29, 2022 and
forego the Proposal to privatize the Company.
CONVENIENCE TRANSLATION
The Company's reporting currency is Renminbi ("RMB"). However,
periodic reports made to shareholders will include current period
amounts translated into U.S. dollars using the
prevailing exchange rates at the balance sheet date, for the
convenience of readers. Translations of balances in the
condensed consolidated balance sheets, and the related
condensed consolidated statements of operations, and cash
flows from RMB into U.S. dollars as of and for the six months ended
February 28, 2023 are solely for the
convenience of the readers and were calculated at the rate of
US$1.00=RMB 6.9325, representing
the noon buying rate set forth in the H.10 statistical release of
the U.S. Federal Reserve Board on February
28, 2023. No representation is made that the RMB amounts
could have been, or could be, converted, realized or settled into
US$ at that rate on February 28, 2023
or at any other rate.
NON-GAAP FINANCIAL MEASURES
In evaluating our business, we consider and use certain non-GAAP
measures, including primarily adjusted EBITDA, adjusted net
income/(loss), adjusted gross profit/(loss), adjusted
operating income/(loss), adjusted net earnings/(loss) per share
attributable to ordinary shareholders/ADS holders basic and
diluted as supplemental measures to review and assess our
operating performance. 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 U.S. GAAP. We define adjusted gross profit/(loss)
as gross profit/(loss) excluding amortization of intangible
assets. We define adjusted EBITDA as net income/(loss) excluding
interest income/(expense), net, income tax expense/benefit,
depreciation and amortization and share-based compensation
expense. We define adjusted net income/(loss) as net
income/(loss) excluding share-based compensation expense,
amortization of intangible assets and tax effect of amortization of
intangible assets. We define adjusted operating income/(loss) as
operating income/(loss) excluding share-based compensation expense
and amortization of intangible assets. Additionally, we define
adjusted net earnings/(loss) per share attributable to ordinary
shareholders/ADS holders, basic and diluted, as adjusted net
income/(loss) attributable to ordinary shareholders/ADS
holders (net income/(loss) to ordinary shareholders/ADS
holders excluding share-based compensation expense,
amortization of intangible assets and tax effect of amortization of
intangible assets) divided by the weighted average number of
basic and diluted ordinary shares or ADSs.
We incur amortization expense of intangible assets related to
various acquisitions that have been made in recent years. These
intangible assets are valued at the time of acquisition and are
then amortized over a period of several years after the
acquisition. We believe that exclusion of these expenses allows
greater comparability of operating results that are consistent over
time for the Company's newly-acquired and long-held business as the
related intangibles do not have significant connection to the
growth of the business. Therefore, we provide exclusion of
amortization of intangible assets to define adjusted gross profit,
adjusted operating income/(loss), adjusted net income/(loss), and
adjusted net earnings/(loss) per share attributable to ordinary
shareholders/ADS holders, basic and diluted.
We present the non-GAAP financial measures because they are used
by our management to evaluate our operating performance and
formulate business plans. Such non-GAAP measures include adjusted
EBITDA, adjusted net income/(loss), adjusted gross profit/(loss),
adjusted operating income/(loss), adjusted net earnings/(loss) per
share attributable to ordinary shareholders/ADS holders basic and
diluted. Non-GAAP financial measures enable our management to
assess our operating results without considering the impact of
non-cash charges, including depreciation and amortization and
share-based compensation expense, and without considering the
impact of non-operating items such as interest income/(expense),
net; income tax expense/benefit; share-based compensation expense;
amortization of intangible assets and tax effect of amortization of
intangible assets. We also believe that the use of these non-GAAP
measures facilitates investors' assessment of our operating
performance.
The non-GAAP financial measures are not defined under U.S. GAAP
and are not presented in accordance with U.S. GAAP. The non-GAAP
financial measures have limitations as analytical tools. One of the
key limitations of using these non-GAAP financial measures is that
they do not reflect all items of income and expense that affect our
operations. Interest income/(expense), net; income tax
expense/benefit; depreciation and amortization; share-based
compensation expense; tax effect of amortization of intangible
assets; and income/(loss), have been and may continue to be
incurred in our business and are not reflected in the presentation
of these non-GAAP measures, including adjusted EBITDA or adjusted
net income/(loss). Further, these non-GAAP measures may differ from
the non-GAAP information used by other companies, including peer
companies, and therefore their comparability may be limited.
About Bright Scholar Education Holdings
Limited
Bright Scholar is a global premier education service company,
which primarily provides quality international education to global
students and equip them with the critical academic foundation and
skillsets necessary to succeed in the pursuit of higher
education.
Safe Harbor Statement
This announcement contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, and as defined in the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements include,
without limitation, the Company's business plans and development,
which can be identified by terminology such as "may," "will,"
"expect," "anticipate," "aim," "estimate," "intend," "plan,"
"believe," "potential," "continue," "is/are likely to" or other
similar expressions. Such statements are based upon management's
current expectations and current market and operating conditions
and relate to events that involve known or unknown risks,
uncertainties and other factors, all of which are difficult to
predict and many of which are beyond the Company's control, which
may cause the Company's actual results, performance or achievements
to differ materially from those in the forward-looking statements.
Further information regarding these and other risks, uncertainties
or factors is included in the Company's filings with the U.S.
Securities and Exchange Commission. The Company does not undertake
any obligation to update any forward-looking statement as a result
of new information, future events or otherwise, except as required
under law.
IR Contact:
Email: BEDU.IR@gcm.international
Media
Contact:
Email: media@brightscholar.com
Phone: +86-757-2991-6814
BRIGHT SCHOLAR
EDUCATION HOLDINGS LIMITED
|
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(Amounts in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
As of
|
|
|
|
August 31,
|
|
February
28,
|
|
|
|
2022
|
|
2023
|
|
|
|
RMB
|
|
RMB
|
|
USD
|
ASSETS
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
664,769
|
|
630,294
|
|
90,919
|
|
|
Restricted
cash
|
191,365
|
|
196,020
|
|
28,275
|
|
|
Accounts receivable,
net
|
18,084
|
|
32,581
|
|
4,700
|
|
|
Amounts due from
related parties, net
|
196,626
|
|
190,100
|
|
27,422
|
|
|
Other receivables,
deposits and other assets, net
|
112,762
|
|
109,710
|
|
15,825
|
|
|
Inventories
|
6,869
|
|
5,732
|
|
827
|
|
|
Held for sale
assets
|
11,258
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
Total current assets
|
1,201,733
|
|
1,164,437
|
|
167,968
|
|
|
|
|
|
|
|
|
|
|
Restricted cash - non
current
|
1,650
|
|
1,650
|
|
238
|
|
|
Property and equipment,
net
|
393,277
|
|
399,497
|
|
57,627
|
|
|
Intangible assets,
net
|
322,896
|
|
331,508
|
|
47,819
|
|
|
Goodwill,
net
|
1,433,916
|
|
1,483,391
|
|
213,976
|
|
|
Long-term
investments
|
40,486
|
|
38,674
|
|
5,579
|
|
|
Prepayment for
construction contract
|
4,894
|
|
10,202
|
|
1,472
|
|
|
Deferred tax assets,
net
|
85,103
|
|
90,390
|
|
13,039
|
|
|
Other non-current
assets, net
|
15,343
|
|
14,123
|
|
2,036
|
|
|
Operating lease
right-of-use assets
|
1,453,833
|
|
1,487,138
|
|
214,517
|
|
|
|
|
|
|
|
|
|
Total non-current assets
|
3,751,398
|
|
3,856,573
|
|
556,303
|
|
|
|
|
|
|
|
|
TOTAL ASSETS
|
|
4,953,131
|
|
5,021,010
|
|
724,271
|
|
|
|
|
|
|
|
|
BRIGHT SCHOLAR
EDUCATION HOLDINGS LIMITED
|
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS-CONTINUED
|
(Amounts in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
As of
|
|
|
|
August 31,
|
|
February 28,
|
|
|
|
2022
|
|
2023
|
|
|
|
RMB
|
|
RMB
|
|
USD
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
Accounts
payable
|
100,229
|
|
119,703
|
|
17,267
|
|
|
Amounts due to related
parties
|
343,032
|
|
312,784
|
|
45,119
|
|
|
Accrued expenses and
other current liabilities
|
262,490
|
|
235,707
|
|
34,000
|
|
|
Short-term
loans
|
149,239
|
|
156,933
|
|
22,637
|
|
|
Income tax
payable
|
85,856
|
|
83,193
|
|
12,000
|
|
|
Contract
liabilities
|
516,731
|
|
538,247
|
|
77,641
|
|
|
Refund
liabilities
|
20,517
|
|
18,136
|
|
2,616
|
|
|
Operating lease
liabilities
|
104,515
|
|
111,731
|
|
16,117
|
|
|
|
|
|
|
|
|
|
Total current liabilities
|
1,582,609
|
|
1,576,434
|
|
227,397
|
|
|
|
|
|
|
|
|
|
|
Contract liabilities –
non current
|
2,203
|
|
1,825
|
|
263
|
|
|
Deferred tax
liabilities, net
|
21,707
|
|
20,276
|
|
2,925
|
|
|
Other non-current
liabilities due to related parties
|
11,197
|
|
5,363
|
|
774
|
|
|
Long-term
loans
|
633
|
|
-
|
|
-
|
|
|
Operating lease
liabilities – non current
|
1,439,239
|
|
1,473,595
|
|
212,563
|
|
|
|
|
|
|
|
|
|
Total non-current
liabilities
|
1,474,979
|
|
1,501,059
|
|
216,525
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
|
3,057,588
|
|
3,077,493
|
|
443,922
|
|
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
|
|
|
Share
capital
|
8
|
|
8
|
|
1
|
|
|
Additional paid-in
capital
|
1,693,358
|
|
1,696,424
|
|
244,706
|
|
|
Statutory
reserves
|
14,872
|
|
20,154
|
|
2,907
|
|
|
Accumulated other
comprehensive income
|
34,401
|
|
98,093
|
|
14,150
|
|
|
Accumulated
deficit
|
(72,737)
|
|
(90,450)
|
|
(13,047)
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
1,669,902
|
|
1,724,229
|
|
248,717
|
|
Non-controlling interests
|
225,641
|
|
219,288
|
|
31,632
|
|
|
|
|
|
|
|
|
|
Total equity
|
1,895,543
|
|
1,943,517
|
|
280,349
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
EQUITY
|
4,953,131
|
|
5,021,010
|
|
724,271
|
|
|
|
|
|
|
|
|
BRIGHT SCHOLAR
EDUCATION HOLDINGS LIMITED
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(Amounts in
thousands, except for shares and per share data)
|
|
|
|
|
|
|
|
Six Months Ended February 28,
|
|
2022
|
|
2023
|
|
RMB
|
|
RMB
|
|
USD
|
Revenue
|
873,505
|
|
977,531
|
|
141,007
|
Cost of
revenue
|
(614,584)
|
|
(682,349)
|
|
(98,428)
|
|
|
|
|
|
|
Gross profit
|
258,921
|
|
295,182
|
|
42,579
|
Selling, general and
administrative expenses
|
(284,946)
|
|
(295,714)
|
|
(42,656)
|
Other operating
income
|
3,085
|
|
26,182
|
|
3,777
|
|
|
|
|
|
|
Operating (loss)/income
|
(22,940)
|
|
25,650
|
|
3,700
|
Interest expense,
net
|
(84,383)
|
|
(5,728)
|
|
(826)
|
Investment
income/(loss)
|
78,954
|
|
(1,463)
|
|
(211)
|
Other
expenses
|
(6,155)
|
|
(2,753)
|
|
(397)
|
|
|
|
|
|
|
Net (loss)/income/
before income taxes and share of equity in loss of
unconsolidated affiliates
|
(34,524)
|
|
15,706
|
|
2,266
|
Income tax
expense
|
(18,303)
|
|
(24,166)
|
|
(3,486)
|
Share of equity in loss
of unconsolidated affiliates
|
(111)
|
|
(348)
|
|
(50)
|
|
|
|
|
|
|
Net loss
|
(52,938)
|
|
(8,808)
|
|
(1,270)
|
|
|
|
|
|
|
Net (loss)/income/ attributable to non-controlling
interests
|
(3,610)
|
|
3,623
|
|
523
|
|
|
|
|
|
|
Net loss attributable to ordinary
shareholders
|
(49,328)
|
|
(12,431)
|
|
(1,793)
|
|
|
|
|
|
|
Net loss per share attributable to
ordinary shareholders
|
|
|
|
|
|
—Basic
|
(0.42)
|
|
(0.10)
|
|
(0.02)
|
—Diluted
|
(0.42)
|
|
(0.10)
|
|
(0.02)
|
|
|
|
|
|
|
Weighted average shares used in
calculating net loss per ordinary
share:
|
|
|
|
|
|
—Basic
|
118,725,655
|
|
118,669,795
|
|
118,669,795
|
—Diluted
|
118,725,655
|
|
118,669,795
|
|
118,669,795
|
|
|
|
|
|
|
Net loss per ADS
|
|
|
|
|
|
—Basic
|
(1.68)
|
|
(0.40)
|
|
(0.08)
|
—Diluted
|
(1.68)
|
|
(0.40)
|
|
(0.08)
|
|
|
|
|
|
|
BRIGHT SCHOLAR
EDUCATION HOLDINGS LIMITED
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(Amounts in
thousands)
|
|
|
|
|
|
|
|
Six Months Ended February 28,
|
|
2022
|
|
2023
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
|
|
|
|
Net cash (used
in)/generated from operating activities
|
(385,616)
|
|
23,536
|
|
3,395
|
|
|
|
|
|
|
Net cash used in
investing activities
|
(1,181,644)
|
|
(11,956)
|
|
(1,725)
|
|
|
|
|
|
|
Net cash generated
from/(used in) financing activities
|
1,581,836
|
|
(49,142)
|
|
(7,089)
|
|
|
|
|
|
|
Effect of exchange rate
changes on cash and cash equivalents,
and restricted cash
|
(37,119)
|
|
7,742
|
|
1,117
|
|
|
|
|
|
|
Net change in cash and
cash equivalents, and restricted cash
|
(22,543)
|
|
(29,820)
|
|
(4,302)
|
|
|
|
|
|
|
Cash and cash
equivalents, and restricted cash at beginning of the
period
|
1,515,163
|
|
857,784
|
|
123,734
|
|
|
|
|
|
|
Cash and cash
equivalents, and restricted cash at end of the
period
|
1,492,620
|
|
827,964
|
|
119,432
|
|
|
|
|
|
|
|
|
|
|
|
|
BRIGHT SCHOLAR
EDUCATION HOLDINGS LIMITED
|
Reconciliations of GAAP and Non-GAAP
Results
|
(Amounts in thousands,
except for shares and per share data)
|
|
|
|
|
|
|
|
|
|
Six Months Ended February 28,
|
|
|
2022
|
|
2023
|
|
|
RMB
|
|
RMB
|
|
USD
|
Gross profit
|
258,921
|
|
295,182
|
|
42,579
|
|
Add: Amortization of
intangible assets
|
9,360
|
|
7,632
|
|
1,101
|
Adjusted gross profit
|
268,281
|
|
302,814
|
|
43,680
|
|
|
|
|
|
|
|
Operating (loss)/income
|
(22,940)
|
|
25,650
|
|
3,700
|
|
Add: Share-based
compensation expense
|
(816)
|
|
-
|
|
-
|
|
Add: Amortization of
intangible assets
|
9,360
|
|
7,632
|
|
1,101
|
Adjusted operating
(loss)/income
|
(14,396)
|
|
33,282
|
|
4,801
|
|
|
|
|
|
|
|
Net loss
|
(52,938)
|
|
(8,808)
|
|
(1,270)
|
|
Add: Share-based
compensation expense
|
(816)
|
|
-
|
|
-
|
|
Add: Amortization of
intangible assets
|
9,360
|
|
7,632
|
|
1,101
|
|
Add: Tax effect of
amortization of intangible assets
|
(1,995)
|
|
(1,564)
|
|
(226)
|
Adjusted net loss
|
(46,389)
|
|
(2,740)
|
|
(395)
|
|
|
|
|
|
|
|
Net loss attributable to ordinary
shareholders
|
(49,328)
|
|
(12,431)
|
|
(1,793)
|
|
Add: Share-based
compensation expense
|
(816)
|
|
-
|
|
-
|
|
Add: Amortization of
intangible assets
|
9,360
|
|
7,632
|
|
1,101
|
|
Add: Tax effect of
amortization of intangible assets
|
(1,995)
|
|
(1,564)
|
|
(226)
|
Adjusted net loss attributable to ordinary
shareholders
|
(42,779)
|
|
(6,363)
|
|
(918)
|
|
|
|
|
|
|
|
Net loss
|
(52,938)
|
|
(8,808)
|
|
(1,270)
|
|
Add: Interest expense,
net
|
84,383
|
|
5,728
|
|
826
|
|
Add: Income tax
expense
|
18,303
|
|
24,166
|
|
3,486
|
|
Add: Depreciation and
amortization
|
78,732
|
|
42,376
|
|
6,113
|
|
Add: Share-based
compensation expense
|
(816)
|
|
-
|
|
-
|
Adjusted EBITDA
|
127,664
|
|
63,462
|
|
9,155
|
|
|
|
|
|
|
|
Weighted average
shares used in calculating adjusted net
loss per ordinary share:
|
|
|
|
|
|
—Basic and Diluted
|
118,725,655
|
|
118,669,795
|
|
118,669,795
|
|
|
|
|
|
|
|
Adjusted net loss
per share attributable to ordinary
shareholders
|
|
|
|
|
|
—Basic
|
(0.36)
|
|
(0.05)
|
|
(0.01)
|
—Diluted
|
(0.36)
|
|
(0.05)
|
|
(0.01)
|
|
|
|
|
|
|
|
Adjusted net loss per ADS
|
|
|
|
|
|
—Basic
|
(1.44)
|
|
(0.20)
|
|
(0.04)
|
—Diluted
|
(1.44)
|
|
(0.20)
|
|
(0.04)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/bright-scholar-announces-unaudited-financial-results-for-the-six-months-of-fiscal-2023-301902174.html
SOURCE Bright Scholar Education Holdings Ltd.