New Oriental Announces Results for the First Fiscal Quarter Ended August 31, 2024

In This Article:

BEIJING, Oct. 23, 2024 /PRNewswire/ -- New Oriental Education & Technology Group Inc. (the "Company" or "New Oriental") (NYSE: EDU/ 9901.SEHK), a provider of private educational services in China, today announced its unaudited financial results for the first fiscal quarter ended August 31, 2024, which is the first quarter of New Oriental's fiscal year 2025.

Financial Highlights for the First Fiscal Quarter Ended August 31, 2024

  • Total net revenues increased by 30.5% year over year to US$1,435.4 million for the first fiscal quarter of 2025. Total net revenues, excluding revenues generated from East Buy private label products and livestreaming business, increased by 33.5% year over year to US$1,278.2 million for the first fiscal quarter of 2025.

  • Operating income increased by 42.9% year over year to US$293.2 million for the first fiscal quarter of 2025. Operating income, excluding operating loss generated from East Buy private label products and livestreaming business, increased by 58.4% year over year to US$303.1 million for the first fiscal quarter of 2025.

  • Net income attributable to New Oriental increased by 48.4% year over year to US$245.4 million for the first fiscal quarter of 2025.

Key Financial Results 

(in thousands US$, except per ADS(1) data)

1Q FY2025

1Q FY2024

% of
change

Net revenues

1,435,416

1,100,021

30.5 %

Operating income

293,150

205,124

42.9 %

Non-GAAP operating income (2)(3)

300,003

244,755

22.6 %

Net income attributable to New Oriental

245,430

165,386

48.4 %

Non-GAAP net income attributable to New Oriental (2)(3)

264,732

189,318

39.8 %

Net income per ADS attributable to New Oriental - basic

1.49

1.00

48.6 %

Net income per ADS attributable to New Oriental - diluted

1.48

0.99

49.6 %

Non-GAAP net income per ADS attributable to New Oriental - basic (2)(3)(4)

1.61

1.15

40.0 %

Non-GAAP net income per ADS attributable to New Oriental - diluted (2)(3)(4)

1.60

1.13

41.3 %


(1)  Each ADS represents ten common shares. The Hong Kong-listed shares are fully fungible with the ADSs listed on NYSE.

(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 gain (loss) from fair value change of
      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 attributable to New Oriental is computed using Non-GAAP net income attributable to
      New Oriental 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, 2024

  • The total number of schools and learning centers was 1,089 as of August 31, 2024, an increase of 64 and 296 compared to 1,025 as of May 31, 2024 and 793 as of August 31, 2023, respectively. The total number of schools was 80 as of August 31, 2024.