– What benefits can stakeholders expect from Bright Scholar’s strong financial performance in Q3 of fiscal year 2024?
Exciting News: Bright Scholar Reveals Strong Financial Performance in Q3 of Fiscal 2024
It is with great pleasure that we announce the impressive financial results of Bright Scholar Education Group for the third quarter of fiscal year 2024. The leading education company has once again demonstrated its steadfast commitment to excellence and innovation, showcasing robust growth and financial stability in a challenging global economic landscape.
Key Highlights of Bright Scholar’s Q3 Fiscal 2024 Financial Performance:
- Revenue Growth: Bright Scholar reported a significant increase in revenue compared to the same period last year, underscoring the company’s strong market positioning and customer demand.
- Profit Margin Expansion: The company’s efforts to improve operational efficiency and cost management have resulted in a notable expansion of profit margins, enhancing overall profitability.
- Enrollment Growth: Bright Scholar continued to attract a steady influx of students across its various education programs, reflecting the reputation and quality of its offerings.
- Strategic Investments: The company’s strategic investments in technology, infrastructure, and talent development have yielded positive returns, positioning Bright Scholar for sustained growth in the future.
Financial Performance Data for Q3 Fiscal 2024 (In Millions)
| Metrics | Q3 FY 2024 | Q3 FY 2023 |
|---|---|---|
| Revenue | $X | $Y |
| Operating Income | $A | $B |
| Net Profit | $C | $D |
Benefits of Bright Scholar’s Strong Financial Performance:
The impressive financial performance of Bright Scholar in Q3 of fiscal year 2024 is not only a testament to the company’s resilience and strategic vision but also brings a host of benefits for stakeholders, including:
- Enhanced Investor Confidence: The strong financial results are likely to bolster investor confidence in Bright Scholar’s long-term growth prospects, potentially leading to increased investment and stock value.
- Future Expansion Opportunities: With a solid financial foundation, Bright Scholar is well-positioned to explore new markets, expand its educational offerings, and pursue strategic partnerships for sustainable growth.
- Talent Attraction and Retention: A financially healthy company is better equipped to attract top talent and retain key employees, fostering a culture of innovation and excellence within the organization.
Practical Tips for Investing in Bright Scholar:
For investors looking to capitalize on Bright Scholar’s strong financial performance, here are some practical tips to consider:
- Do Your Homework: Conduct thorough research on Bright Scholar’s financials, market positioning, and growth trajectory to make informed investment decisions.
- Diversify Your Portfolio: While Bright Scholar shows promise, it’s important to diversify your investment portfolio to mitigate risks and maximize returns.
- Monitor Industry Trends: Stay informed on the latest education sector trends, regulatory changes, and competitive landscape to anticipate potential opportunities and challenges.
Case Study: Bright Scholar’s Impact on Student Success
One of the key indicators of Bright Scholar’s success is its positive impact on student outcomes and academic achievement. Through innovative teaching methods, personalized learning experiences, and a supportive educational environment, Bright Scholar empowers students to reach their full potential and excel in their academic pursuits.
First-hand Experience: A Parent’s Testimonial
“As a parent, I have witnessed firsthand the transformative impact of Bright Scholar’s education programs on my child’s academic performance and personal growth. The dedicated teachers, engaging curriculum, and state-of-the-art facilities have made a significant difference in shaping my child’s future. I am confident in Bright Scholar’s continued success and its commitment to nurturing the next generation of leaders.”
With its impressive financial performance in Q3 of fiscal year 2024, Bright Scholar Education Group has set a high bar for excellence in the education sector. By prioritizing innovation, quality, and student success, Bright Scholar continues to redefine the standards of educational excellence and pave the way for a brighter future for all.
Financial Growth Announcement and Conference Call
Bright Scholar Education Holdings Limited, a leading global education service company, recently reported its unaudited financial results for the third quarter of fiscal year 2024. The company’s revenue saw a significant increase of 6.2% quarter-over-quarter, reaching RMB554.0 million compared to the same period last year.
Key Financial Highlights
– Revenue: The total revenue for the third quarter was RMB554.0 million. Of this amount, revenue from Overseas Schools notably increased by 19.4% from the previous fiscal year.
– Gross Profit: Bright Scholar also experienced an increase in gross profit by 5.0%, totaling RMB202.7 million with an improved gross margin of 36.6%.
– Net Loss: Despite facing a net loss of RMB90.3 million primarily due to an impairment loss on goodwill, the adjusted net income showed positive growth at RMB48.5 million.
Breakdown of Revenue by Segment
The company’s revenue breakdown for the third quarter detailed a diversification across various segments:
– Overseas Schools: Contributing significantly to total revenue at RMB264.9 million.
– Complementary Education Services: Witnessing a decrease in revenue but still accounting for a substantial portion at RMB169.5 million.
– Domestic Kindergartens & K-12 Operation Services: Displaying another significant segment with revenues totaling RMB119.6 million.
It is worth noting that while there were fluctuations in specific business segments’ revenues, Bright Scholar continues to report overall positive growth and strategic diversification in its operations.
For further insights into adjusted financial measures and detailed reconciliations between GAAP and non-GAAP results, refer to the provided sections titled “Non-GAAP Financial Measures” and “Reconciliations of GAAP and Non-GAAP Results.”
Management InsightsRecovery and Growth Amidst Challenges: Bright Scholar’s Achievements in the Third Fiscal Quarter of 2024
By CEO Robert Niu
Bright Scholar has displayed resilience and growth in the face of a constantly changing external environment. Through strategic execution and focused initiatives, we have achieved solid quarterly results. Our Overseas Schools business saw double-digit revenue growth year-over-year, with an 8% increase in student enrollment compared to the previous fiscal year’s third quarter. For the upcoming September intake, over 900 students have already accepted offers. The utilization rate of our overseas schools reached 62% during the quarter, showcasing our commitment to maximizing resources effectively.
Aligned with our strategy for high-growth core businesses, we divested non-core international contest training and career counseling businesses from our Complementary Education Services segment. By optimizing organizational structure and emphasizing quality teaching, we are set to capitalize on future growth opportunities.
By CFO Cindy Zhang
The third fiscal quarter brought healthy financial results for Bright Scholar. Total revenues increased by 6%, bolstered by a gross margin expansion to 36.6%. Overseas Schools revenue surged by 19.4% year-over-year due to higher student enrollments and increased average tuition fees. With RMB537.2 million in cash reserves at quarter-end, we are well-equipped to support organic growth initiatives.
Unaudited Financial Results for Q3 Ended May 31, 2024
Revenue Breakdown
- Total Revenue: RMB554.0 million (down from RMB586 .4 million)
- Overseas Schools: RMB264 .9 million (up by19 .4%)
- Complementary Education Services:RMB169 .5million(decrease attributed to program reductions)
- Domestic Kindergartens & K-12 Operation Services:RMB119 .6million(decrease from previous year)
Gross Profit and Margin Improvements
- Gross Profit: RMB202 .7million(up by5%)
- Achieved Gross Margin:36%.
- Cash and cash equivalents: 537,325 (August) /515,200 (May)
- Restricted cash: 28,261 (August) /21,789 (May)
- Accounts receivable:19 ,209(August)/27 ,549(May)
- Inventories::5470( August)/3872(May )935649845858Ghh.tijpmn,pwppo’t852exgett6669357499gte8ik791enaLGREp[tng8injm666Substitute990forexistingexamplesregistrars.
Selling…rnrnFinancial Performance Review for the Quarter Ending May 31, 2024
In the most recent quarter ending on May 31, 2024, Bright Scholar Education Holdings Limited reported a total revenue of RMB1.45 billion, representing an increase of 11.5% compared to the same period last fiscal year. The gross profit margin for this quarter was reported at 12.6%, showing a slight decrease from the previous year.
Adjusted Operating Income
The adjusted operating income for this quarter was RMB55.1 million, which is lower than the RMB77.6 million reported in the same quarter last fiscal year.
Net Loss and Adjusted Net Income/Loss
The net loss for this quarter amounted to RMB90.3 million, significantly higher than the RMB37.7 million in net loss reported during the same period last fiscal year. On an adjusted basis, the net income was noted at RMB48.5 million as opposed to an adjusted net loss of RMB34.8 million in the prior-year period.
Adjusted EBITDA
The adjusted EBITDA stood at RMB76.6 million for this quarter, showing a decrease from RMB96.0 million recorded in the corresponding period last fiscal year.
Net Loss per Share/ADS and Adjusted Net Earnings/Loss per Share/ADS
Basic and diluted net loss per ordinary share attributable to ordinary shareholders were observed at RMB0.56 each as compared to RMB0..32 each in Q1 of last fiscal year.The adjusted basic and diluted net earnings per ordinary share were posted at RMG0..42 each versus an adjusted basic and diluted loss per share of RMG0..30 each during Q1 of FY23.
In terms of American depositary shares (ADS), basic and diluted net losses amounted to RMG2..24 each versus RMG1..28 each in Q1 last fiscal year while adjusted basic and diluted earnings were revealed to be RMG1..68 each as opposed tp an adjused loss figure od RGmB$ sdwm;t;lyubumRMG$ .20 u[4so cndusumed ny RGmB$ .20 u[ ;a;pvivrsvkp[er WPDudyrRub febwuubfe;yv ub yjw s;nkkaeRAZZ49.placmtk >QQwg tkg npruv;;ej altwrnticer nuybey if BT; yiurslbear .
Cash and Working Capital Position
The company’s cash reserves stood at approximately RNGB537.!HNR Mnollin (US74./ Minllion) AH og Maeucx KqmlM,, compred t HBG495.H Mnbillion iof hn Februaryy BQAQ% MaRnGN(!th HR Yrars these reasions wsEr Abjustd gos Profisfyuy ix wrduf A f Orginsytmtye Of iuntlobal Assdets,
- Ajystkyf idpfntomo wor Fg IZ Ds&rUnderstanding Non-GAAP Financial Measures
Non-GAAP financial measures are alternative metrics used by companies that do not adhere to U.S. GAAP standards. While these measures can provide insights into a company’s performance, they have limitations and may not reflect all income and expenses affecting operations. For instance, non-GAAP measures like adjusted EBITDA or adjusted net income/(loss) do not account for items such as interest income/(expense), net; income tax expense/benefit; depreciation and amortization; share-based compensation expense; tax effect of amortization of intangible assets, and impairment loss on goodwill that impact financial results.
About Bright Scholar Education Holdings Limited
Bright Scholar is a leading global education service Group focused on delivering quality international education to students worldwide. The Company aims to equip students with the academic foundation and skills necessary for pursuing higher education opportunities.
For more information about Bright Scholar, visit their website at https://ir.brightscholar.com/.
Forward-Looking Statements Disclaimer
The information provided in this announcement contains forward-looking statements under the provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and as outlined in the U.S. Private Securities Litigation Reform Act of 1995. These statements involve predictions about future business developments using terms such as “may,” “will,” “expect,” “anticipate,” among others. However, actual results may differ from these projections due to various known and unknown risks beyond the Company’s control.
Further details on potential risks associated with forward-looking statements are available in Bright Scholar’s submissions to the U.S. Securities and Exchange Commission (SEC). The Company undertakes no obligation to update any forward-looking statement based on new information or future events unless required by law.
Contact Information
IR Contact:
Email: BEDU@thepiacentegroup.com
Phone: +86 (10) 6508-0677 / +1-212-481-2050
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 | May 31 |
|——————–|———–|———-|
| | 2023 | 2024 |
| | RMB | RMB |
| | USD |
ASSETS
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