BEIJING, Oct. 22, 2019 /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 first fiscal quarter ended
August 31, 2019, which is the first
quarter of New Oriental's fiscal year 2020.
Financial Highlights for the First Fiscal Quarter Ended
August 31, 2019
- Total net revenues increased by 24.6% year-over-year to
US$1,071.8 million for the first
fiscal quarter of 2020.
- Operating income increased by 52.6% year-over-year to
US$246.2 million for the first fiscal
quarter of 2020.
- Net income attributable to New Oriental increased by 69.6%
year-over-year to US$209.0 million
for the first fiscal quarter of 2020.
Key Financial Results
(in thousands US$,
except per ADS(1) data)
|
1Q
FY2020
|
1Q
FY2019
|
% of
change
|
Net
revenues
|
1,071,777
|
859,846
|
24.6%
|
Operating
income
|
246,196
|
161,335
|
52.6%
|
Non-GAAP operating
income (2)(3)
|
257,216
|
175,255
|
46.8%
|
Net income
attributable to New Oriental
|
208,990
|
123,232
|
69.6%
|
Non-GAAP net income
attributable to New Oriental (2)(3)
|
230,162
|
184,136
|
25.0%
|
Net income per ADS
attributable to New Oriental - basic
|
1.32
|
0.78
|
69.9%
|
Net income per ADS
attributable to New Oriental - diluted
|
1.31
|
0.77
|
69.1%
|
Non-GAAP net income
per ADS attributable to New Oriental
-
basic(3)(4)
|
1.45
|
1.16
|
25.3%
|
Non-GAAP net income
per ADS attributable to New Oriental
-
diluted(3)(4)
|
1.44
|
1.16
|
24.6%
|
|
|
|
|
(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 First Fiscal Quarter Ended
August 31, 2019
- Total student enrollments in academic subjects tutoring and
test preparation courses increased by 50.4% year-over-year to
approximately 2,609,200 for the first fiscal quarter of 2020.
- The total number of schools and learning centers was 1,261 as
of August 31, 2019, an increase of
161 compared to 1,100 as of August 31,
2018, and an increase of 7 compared to 1,254 as of
May 31, 2019. The total number of
schools was 95 as of August 31,
2019.
Michael Yu, New Oriental's
Executive Chairman, commented, "We are very pleased to start fiscal
2020 with robust top line growth of 24.6%, or 29.7% if
measured in Renminbi, which exceeded the high-end of our
expected range. Moreover, we achieved a remarkable year-over-year
improvement in operating margin. The K-12 after-school
tutoring business continued to be our key growth driver, and
achieved a year-over-year revenue growth of approximately 35%, or
40% if measured in Renminbi. Furthermore, our U-Can middle and high
school all-subjects after-school tutoring business grew by
approximately 33%, or 38% if measured in Renminbi, while our POP
Kids program achieved a growth of approximately 38%, or 44% if
measured in Renminbi."
Chenggang Zhou, New Oriental's
Chief Executive Officer, added, "As we continued to implement our
well-proven "Optimize the Market" Strategy, we remained committed
to carry out capacity expansion in cities where we see potential
for rapid growth and strong profitability. During this quarter, we
added a net of seven learning centers in existing cities. The total
square meters of classroom area by the end of this quarter
increased approximately 24% year-over-year, and 3%
quarter-over-quarter. Furthermore, in this quarter we once again
delivered a highly successful summer promotion campaign, offering
low-cost offline trial courses for multiple subjects across most of
our existing cities, targeting students before they begin secondary
school. We are very encouraged to see that even with a doubled
average price compared to last year, total promotion enrollments
reached 820,000, an 8% increase year-over-year, accompanied by
improved student retention year-over-year. Meanwhile, we also
continued to strengthen our online-merge-offline (OMO) standardized
classroom teaching system, in addition to launching an innovative
interactive courseware for the POP kids program in certain major
cities, creating more interactive and high-quality learning
experience for our students. We also made further strategic
investment into dual-teacher model classes and new initiatives for
K-12 tutoring through Koolearn.com, our pure online education
platform. With our core dual competencies in both offline and
online education services, we are confident to capture the
substantial business opportunities in low-tier cities and remote
areas moving forward."
Stephen Zhihui Yang, New
Oriental's Chief Financial Officer, commented, "During this
quarter, we continued to fine-tune our capacity expansion at a
controlled and balanced pace, which supported our delivery of a
strong bottom line performance, compounded with year-over-year
operating margin expansion. Our non-GAAP operating income increased
by 46.8% year-over-year to approximately US$257.2 million, while non-GAAP operating margin
rose by 360 basis points to 24.0%, from 20.4% a year ago. We will
also sharpen our focus on utilizing facilities and improving
operating efficiency. Thus, we are confident in our ability to
deliver consistent margin improvement, and create sustainable
long-term value to our customers and shareholders."
Financial Results for the First Fiscal Quarter Ended
August 31, 2019
Net Revenues
For the first fiscal quarter of 2020, New Oriental reported net
revenues of US$1,071.8 million,
representing a 24.6% increase year-over-year. Net revenues from
educational programs and services for the first fiscal quarter were
US$996.5 million, representing a
25.0% 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 first fiscal quarter of 2020 increased
by 50.4% year-over-year to approximately 2,609,200. 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.
Operating Costs and Expenses
Operating costs and expenses for the quarter were US$825.6 million, representing a 17.9%
increase year-over-year. Non-GAAP operating costs and expenses for
the quarter, which exclude share-based compensation expenses, were
US$814.6 million, representing
an 18.7% increase year-over-year
- Cost of revenues increased by 19.8% year-over-year to
US$440.2 million, primarily due to
increases in teachers' compensation for more teaching hours and
higher rental costs for the increased number of schools and
learning centers in operation.
- Selling and marketing expenses increased by 1.9%
year-over-year to US$101.2
million.
- General and administrative expenses for the quarter
increased by 21.6% year-over-year to US$284.2 million. Non-GAAP general and
administrative expenses, which exclude share-based compensation
expenses, were US$273.5 million,
representing a 24.5% increase year-over-year.
Total share-based compensation expenses, which were allocated to
related operating costs and expenses, decreased by 20.8% to
US$11.0 million in the first
fiscal quarter of 2020.
Operating Income and Operating Margin
Operating income was US$246.2 million, representing a
52.6% increase year-over-year. Non-GAAP income from operations
for the quarter was US$257.2 million, representing a 46.8%
increase year-over-year.
Operating margin for the quarter was 23.0%, compared to 18.8% in
the same period of the prior fiscal year. Non-GAAP operating
margin, which excludes share-based compensation expenses, for the
quarter was 24.0%, compared to 20.4% in the same period of the
prior fiscal year.
Net Income and EPS
Net income attributable to New Oriental for the quarter was
US$209.0 million, representing a
69.6% increase from the same period of the prior fiscal year.
Basic and diluted earnings per ADS attributable to New Oriental
were US$1.32 and US$1.31, respectively.
Non-GAAP Net Income and Non-GAAP EPS
Non-GAAP net income attributable to New Oriental for the quarter
was US$230.2 million,
representing a 25.0% increase from the same period of the prior
fiscal year. Non-GAAP basic and diluted earnings per ADS
attributable to New Oriental were US$1.45 and US$1.44, respectively.
Cash Flow
Net operating cash flow for the first fiscal quarter of 2020 was
approximately US$364.6 million.
Capital expenditures for the quarter were US$64.3 million, which were primarily
attributable to opening of 43 facilities and renovations at
existing learning centers.
Balance Sheet
As of August 31, 2019, New
Oriental had cash and cash equivalents of US$973.2 million, as compared to US$1,414.2 million as of May 31, 2019. In addition, the Company had
US$351.6 million in term deposits,
US$2,010.7 million in short-term
investment as of August 31, 2019.
New Oriental's deferred revenue balance, which is cash collected
from registered students for courses and recognized proportionally
as revenue as the courses are delivered, at the end of the first
quarter of fiscal year 2020 was US$1,330.7 million, an increase of 16.0% as
compared to US$1,146.7 million
at the end of the first quarter of fiscal year 2019. The lower-than
usual-increase was due to the change of tuition fees collection
schedule for K-12 after-school tutoring courses, in compliance with
the latest regulatory requirements. This change was implemented
during the second quarter of fiscal year 2019.
New Accounting Standard
The Company adopted the new lease accounting standard (ASC 842)
on June 1, 2019, using the modified
retrospective transition method resulting in the recording of
operating lease right-of-use assets of US$1,224.5 million and operating lease
liabilities of US$1,212.6 million on
the balance sheet. Prior period amounts have not been adjusted and
continue to be reported in accordance with the previous accounting
guidance. The adoption of the new guidance did not have a material
effect on the consolidated statements of operations.
Outlook for Second Quarter of Fiscal Year 2020
New Oriental expects total net revenues in the second quarter of
fiscal year 2020 (September 1, 2019
to November 30, 2019) to be in the
range of US$753.6 million to
US$771.0 million, representing a
year-over-year growth in the range of 26% to 29%.
The projected growth rate of revenue in our functional currency
Renminbi is expected to be in the range of 30% to 33% for the
second quarter of the fiscal year 2020. The exchange rate used to
calculate expected revenues for the second quarter of fiscal 2020
is 7.11. The historical exchange rate used to calculate revenues
for the second quarter of fiscal 2019 was 6.90.
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 October 22, 2018, U.S. Eastern Time (8 PM on October 22,
2018, Beijing/Hong Kong
Time).
Dial-in details for the earnings conference call are as
follows:
Mainland
China:
|
+400-620-8038
|
US:
|
+1-845-675-0437
|
Hong Kong:
|
+852-3018-6771
|
UK:
|
+44-20-3621-4779
|
Passcode:
|
3660734
|
Please dial in 10 minutes before the call is scheduled to begin
and provide the passcode to join the call.
A replay of the conference call may be accessed by phone at the
following number until October 30,
2019:
International:
|
+61 2 8199
0299
|
Passcode:
|
3660734
|
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
language training and test preparation, primary and secondary
school education, online education, content development and
distribution, overseas study consulting services, pre-school
education and study tour. 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 second quarter of fiscal year 2019, 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 and gain /
(loss) from fair value change of long-term investments, operating
income excluding share-based compensation expenses, operating cost
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 and gain / (loss) from
fair value change of long-term investments. 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 and gain / (loss) from fair value change of long-term
investments 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 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 and gain / (loss) from fair value
change of long-term investments 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:
Ms. Joanne Wong
FTI Consulting
Tel: +852-3768-4747
Email: joanne.wong@fticonsulting.com
Ms. Sisi Zhao
New Oriental Education & Technology Group Inc.
Tel: +86-10-6260-5568
Email: zhaosisi@xdf.cn
NEW ORIENTAL
EDUCATION & TECHNOLOGY GROUP INC.
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(In
thousands)
|
|
|
As of August
31
|
|
As of May
31
|
2019
|
|
2019
|
(Unaudited)
|
|
(Audited)
|
|
USD
|
|
USD
|
ASSETS:
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
973,197
|
|
1,414,171
|
Restricted
cash
|
43
|
|
43
|
Term
deposits
|
351,556
|
|
108,672
|
Short-term
investments
|
2,010,697
|
|
1,668,689
|
Accounts receivable,
net
|
3,960
|
|
3,300
|
Inventory,
net
|
29,629
|
|
29,046
|
Prepaid expenses and
other current assets, net
|
222,911
|
|
199,677
|
Amounts due from
related parties, current
|
46,321
|
|
42,644
|
Total current
assets
|
3,638,314
|
|
3,466,242
|
|
|
|
|
Restricted cash,
non-current
|
3,643
|
|
4,013
|
Property and
equipment, net
|
544,005
|
|
532,015
|
Land use rights,
net
|
6,140
|
|
6,405
|
Amounts due from
related parties, non-current
|
1,858
|
|
1,204
|
Long-term
deposits
|
48,545
|
|
49,742
|
Long-term prepaid
rents
|
470
|
|
442
|
Intangible assets,
net
|
12,483
|
|
13,935
|
Goodwill,
net
|
77,457
|
|
79,614
|
Long-term investments,
net
|
432,168
|
|
404,704
|
Deferred tax assets,
non-current, net
|
63,275
|
|
61,467
|
Right-of-use
assets
|
1,224,508
|
|
-
|
Other non-current
assets
|
15,369
|
|
26,776
|
Total
assets
|
6,068,235
|
|
4,646,559
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts payable (including accounts payable of the
consolidated variable interest entities
without recourse to New Oriental of US$33,646 and US$35,486 as of
May 31, 2019 and August 31,
2019, respectively)
|
35,917
|
|
34,057
|
Accrued expenses and other current liabilities (including accrued
expenses and other current
liabilities of the consolidated variable interest entities without
recourse to New Oriental of
US$518,937 and US$519,884 as of May 31, 2019 and August 31, 2019,
respectively)
|
576,327
|
|
576,521
|
Income taxes payable (including income tax payable of the
consolidated variable interest
entities without recourse to New Oriental of US$79,067 and
US$128,783 as of May 31, 2019
and August 31, 2019, respectively)
|
133,661
|
|
94,071
|
Amounts due to related parties (including amounts due to related
parties of the consolidated variable interest entities without recourse to New
Oriental of US$472 and US$961 as of May 31,
2019 and August 31, 2019, respectively)
|
961
|
|
472
|
Deferred revenue (including deferred revenue of the consolidated
variable interest entities
without recourse to New Oriental of US$1,268,318 and US$1,317,690
as of May 31, 2019 and
August 31, 2019, respectively)
|
1,330,704
|
|
1,301,103
|
Operating Lease Liability-current (including operating lease
liabilities-current of the
consolidated variable interest entities without recourse to New
Oriental of nil and US$331,681
as of May 31, 2019 and August 31, 2019, respectively)
|
343,085
|
|
-
|
|
|
|
|
Total current
liabilities
|
2,420,655
|
|
2,006,224
|
|
|
|
|
Deferred tax liabilities, non-current (including deferred tax
liabilities of the consolidated
variable interest entities without recourse to New Oriental of
US$18,607 and US$19,325 as of
May 31, 2019 and August 31, 2019, respectively)
|
18,944
|
|
18,781
|
Long term loan (including long term loan of the consolidated
variable interest entities without
recourse to New Oriental of nil and nil as of May 31, 2019 and
August 31, 2019, respectively)
|
95,213
|
|
96,457
|
Operating lease liabilities (including operating lease liabilities
of the consolidated variable
interest entities without recourse to New Oriental of nil and
US$865,647 as of May 31, 2019
and August 31, 2019, respectively)
|
869,564
|
|
-
|
|
|
|
|
|
|
|
|
Total
liabilities
|
3,404,376
|
|
2,121,462
|
|
|
|
|
Equity
|
|
|
|
New Oriental
Education & Technology Group Inc. shareholders'
equity
|
2,505,550
|
|
2,360,686
|
Non-controlling interests
|
158,309
|
|
164,411
|
Total
equity
|
2,663,859
|
|
2,525,097
|
|
|
|
|
Total liabilities
and equity
|
6,068,235
|
|
4,646,559
|
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 August 31
|
|
2019
|
|
2018
|
|
(Unaudited)
|
|
(Unaudited)
|
|
USD
|
|
USD
|
Net
revenues
|
1,071,777
|
|
859,846
|
|
|
|
|
Operating cost and
expenses (note 1)
|
|
|
|
Cost of
revenues
|
440,229
|
|
367,399
|
Selling and
marketing
|
101,193
|
|
99,301
|
General and
administrative
|
284,159
|
|
233,662
|
Total operating
cost and expenses
|
825,581
|
|
700,362
|
Gain on disposal of a
subsidiary
|
-
|
|
1,851
|
Operating
income
|
246,196
|
|
161,335
|
Loss from fair value
change of long-term investments
|
(11,282)
|
|
(46,984)
|
Other income,
net
|
19,953
|
|
33,509
|
Provision for income
taxes
|
(50,836)
|
|
(25,684)
|
Loss from equity
method investments
|
(803)
|
|
(1,053)
|
|
|
|
|
Net
income
|
203,228
|
|
121,123
|
Add: Net loss
attributable to non-controlling interests
|
5,762
|
|
2,109
|
|
|
|
|
Net income
attributable to New Oriental Education &
Technology Group Inc.'s shareholders
|
208,990
|
|
123,232
|
|
|
|
|
Net income per
common share
|
|
|
|
-
Basic
|
1.32
|
|
0.78
|
-
Diluted
|
1.31
|
|
0.77
|
|
|
|
|
Net income per ADS
(note 2)
|
|
|
|
- Basic
|
1.32
|
|
0.78
|
-
Diluted
|
1.31
|
|
0.77
|
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 August 31
|
|
2019
|
|
2018
|
|
(Unaudited)
|
|
(Unaudited)
|
|
USD
|
|
USD
|
|
|
|
|
General and
administrative expenses
|
284,159
|
|
233,662
|
Less: Share-based
compensation expenses in general and
administrative expenses
|
10,619
|
|
13,920
|
Non-GAAP general and
administrative expenses
|
273,540
|
|
219,742
|
|
|
|
|
Total operating cost
and expenses
|
825,581
|
|
700,362
|
Less: Share-based
compensation expenses
|
11,020
|
|
13,920
|
Non-GAAP operating
cost and expenses
|
814,561
|
|
686,442
|
|
|
|
|
Operating
income
|
246,196
|
|
161,335
|
Add: Share-based
compensation expenses
|
11,020
|
|
13,920
|
Non-GAAP operating
income
|
257,216
|
|
175,255
|
|
|
|
|
Operating
margin
|
23.0%
|
|
18.8%
|
Non-GAAP operating
margin
|
24.0%
|
|
20.4%
|
|
|
|
|
Net income
attributable to New Oriental
|
208,990
|
|
123,232
|
Add: Share-based
compensation expenses
|
9,890
|
|
13,920
|
Add: Loss from fair
value change of long-term
investments
|
11,282
|
|
46,984
|
Non-GAAP net income
attributable to New Oriental
|
230,162
|
|
184,136
|
|
|
|
|
Net income per ADS
attributable to New Oriental- Basic
(note 2)
|
1.32
|
|
0.78
|
Net income per
ADS attributable to New Oriental-
Diluted (note 2)
|
1.31
|
|
0.77
|
|
|
|
|
Non-GAAP net income
per ADS attributable to New
Oriental - Basic (note 2)
|
1.45
|
|
1.16
|
Non-GAAP net income
per ADS attributable to New
Oriental - Diluted (note 2)
|
1.44
|
|
1.16
|
|
|
|
|
Weighted average
shares used in calculating basic net
income per ADS (note 2)
|
158,246,454
|
|
158,573,830
|
Weighted average
shares used in calculating diluted net
income per ADS (note 2)
|
159,667,569
|
|
159,193,707
|
|
|
|
|
Non-GAAP income per
share - basic
|
1.45
|
|
1.16
|
Non-GAAP income per
share - diluted
|
1.44
|
|
1.16
|
Notes:
|
|
|
|
|
|
|
Note 1: Share-based
compensation expenses (in thousands) are included in the operating
cost and expenses as follows:
|
|
|
|
|
|
|
For the Three
Months Ended August 31
|
|
|
2019
|
|
2018
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
USD
|
|
USD
|
|
Cost of
revenues
|
36
|
|
-
|
|
Selling and
marketing
|
365
|
|
-
|
|
General and
administrative expenses
|
10,619
|
|
13,920
|
|
Total
|
11,020
|
|
13,920
|
|
|
|
|
|
|
|
|
Note 2: Each ADS
represents one common share.
|
|
|
|
View original
content:http://www.prnewswire.com/news-releases/new-oriental-announces-results-for-the-first-fiscal-quarter-ended-august-31-2019-300942758.html
SOURCE New Oriental Education and Technology Group Inc.