{"id":23584,"date":"2023-11-27T23:00:00","date_gmt":"2023-11-27T23:00:00","guid":{"rendered":"https:\/\/www.prnasia.com\/story\/archive\/4278120_CN78120_0"},"modified":"2023-11-27T23:00:00","modified_gmt":"2023-11-27T23:00:00","slug":"bright-scholar-announces-unaudited-financial-results-for-the-fourth-fiscal-quarter-and-fiscal-year-2023","status":"publish","type":"post","link":"https:\/\/transmediavictoria.net.au\/?p=23584","title":{"rendered":"Bright Scholar Announces Unaudited Financial Results for the Fourth Fiscal Quarter and Fiscal Year 2023"},"content":{"rendered":"\n

FOSHAN, China<\/span><\/span>, Nov. 28, 2023<\/span><\/span> \/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 fourth fiscal quarter and fiscal year ended August 31, 2023<\/span>.<\/p>\n

FINANCIAL PERFORMANCE HIGHLIGHTS<\/b><\/p>\n

Fourth Fiscal Quarter Ended August 31<\/span>, 2023 Financial Highlights  <\/b><\/p>\n

(in comparison to the same period of the last fiscal year):<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

RMB in millions<\/i><\/b><\/span><\/p>\n

Except EPS and %<\/i><\/b><\/span><\/p>\n<\/td>\n

\n

Fourth Fiscal Quarter<\/b><\/span><\/p>\n

Ended August 31, 2023<\/b><\/span><\/p>\n<\/td>\n

\n

Fourth Fiscal Quarter<\/b><\/span><\/p>\n

Ended August 31, 2022<\/b><\/span><\/p>\n<\/td>\n

\n

YoY <\/b><\/span><\/p>\n

% Change<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Revenue <\/span><\/p>\n<\/td>\n

\n

559.8<\/span><\/p>\n<\/td>\n

\n

402.9<\/span><\/p>\n<\/td>\n

\n

38.9 %<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Gross Profit<\/span><\/p>\n<\/td>\n

\n

109.1<\/span><\/p>\n<\/td>\n

\n

82.3<\/span><\/p>\n<\/td>\n

\n

32.5 %<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Gross Margin<\/span><\/p>\n<\/td>\n

\n

19.5 %<\/span><\/p>\n<\/td>\n

\n

20.4 %<\/span><\/p>\n<\/td>\n

\n

(0.9 %)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Operating Loss<\/span><\/p>\n<\/td>\n

\n

(286.2)<\/span><\/p>\n<\/td>\n

\n

(602.9)<\/span><\/p>\n<\/td>\n

\n

52.5 %<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Operating Margin<\/span><\/p>\n<\/td>\n

\n

(51.1 %)<\/span><\/p>\n<\/td>\n

\n

(149.6 %)<\/span><\/p>\n<\/td>\n

\n

98.5 %<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Net Loss for the quarter<\/span><\/p>\n<\/td>\n

\n

(340.3)<\/span><\/p>\n<\/td>\n

\n

(643.5)<\/span><\/p>\n<\/td>\n

\n

47.1 %<\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Adjusted Gross Profit (1)<\/sup><\/span><\/p>\n<\/td>\n

\n

112.8<\/span><\/p>\n<\/td>\n

\n

86.3<\/span><\/p>\n<\/td>\n

\n

30.7 %<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Adjusted Operating Loss (2)<\/sup><\/span><\/p>\n<\/td>\n

\n

(57.2)<\/span><\/p>\n<\/td>\n

\n

(50.3)<\/span><\/p>\n<\/td>\n

\n

(13.6 %)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Adjusted Net Loss (3) <\/sup>for the quarter<\/span><\/p>\n<\/td>\n

\n

(111.9)<\/span><\/p>\n<\/td>\n

\n

(91.8)<\/span><\/p>\n<\/td>\n

\n

(21.9 %)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Adjusted EBITDA (4)<\/sup> for the quarter<\/span><\/p>\n<\/td>\n

\n

(43.7)<\/span><\/p>\n<\/td>\n

\n

(49.7)<\/span><\/p>\n<\/td>\n

\n

12.0 %<\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Basic and Diluted Loss per Share<\/span><\/p>\n<\/td>\n

\n

(2.90)<\/span><\/p>\n<\/td>\n

\n

(5.49)<\/span><\/p>\n<\/td>\n

\n

47.2 %<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Adjusted Basic and Diluted Loss per Share (5)<\/sup> for the quarter<\/span><\/p>\n<\/td>\n

\n

(0.98)<\/span><\/p>\n<\/td>\n

\n

(0.84)<\/span><\/p>\n<\/td>\n

\n

(16.7 %)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Basic and Diluted <\/span>Loss<\/span> per ADS<\/span><\/p>\n<\/td>\n

\n

(11.60)<\/span><\/p>\n<\/td>\n

\n

(21.96)<\/span><\/p>\n<\/td>\n

\n

47.2 %<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Adjusted Basic and Diluted <\/span>Loss<\/span> per ADS <\/span>(6) <\/sup>for the quarter<\/span><\/p>\n<\/td>\n

\n

(3.92)<\/span><\/p>\n<\/td>\n

\n

(3.36)<\/span><\/p>\n<\/td>\n

\n

(16.7 %)<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

 <\/p>\n

Fiscal Year 2023 Ended August 31, 2023<\/span> Financial Highlights  <\/b><\/p>\n

(in comparison to the last fiscal year):<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

RMB in millions<\/i><\/b><\/span><\/p>\n

Except EPS and %<\/i><\/b><\/span><\/p>\n<\/td>\n

\n

Fiscal Year 2023<\/b><\/span><\/p>\n

Ended August 31, 2023<\/b><\/span><\/p>\n<\/td>\n

\n

Fiscal Year 2022<\/b><\/span><\/p>\n

Ended August 31, 2022<\/b><\/span><\/p>\n<\/td>\n

\n

YoY <\/b><\/span><\/p>\n

% Change<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Revenue <\/span><\/p>\n<\/td>\n

\n

2,123.8<\/span><\/p>\n<\/td>\n

\n

1,714.0<\/span><\/p>\n<\/td>\n

\n

23.9 %<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Gross Profit<\/span><\/p>\n<\/td>\n

\n

597.3<\/span><\/p>\n<\/td>\n

\n

476.7<\/span><\/p>\n<\/td>\n

\n

25.3 %<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Gross Margin<\/span><\/p>\n<\/td>\n

\n

28.1 %<\/span><\/p>\n<\/td>\n

\n

27.8 %<\/span><\/p>\n<\/td>\n

\n

0.3 %<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Operating Loss<\/span><\/p>\n<\/td>\n

\n

(186.6)<\/span><\/p>\n<\/td>\n

\n

(606.5)<\/span><\/p>\n<\/td>\n

\n

69.2 %<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Operating Margin<\/span><\/p>\n<\/td>\n

\n

(8.8 %)<\/span><\/p>\n<\/td>\n

\n

(35.4 %)<\/span><\/p>\n<\/td>\n

\n

26.6 %<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Net Loss for the year<\/span><\/p>\n<\/td>\n

\n

(386.8)<\/span><\/p>\n<\/td>\n

\n

(703.5)<\/span><\/p>\n<\/td>\n

\n

45.0 %<\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Adjusted Gross Profit (1)<\/sup><\/span><\/p>\n<\/td>\n

\n

612.2<\/span><\/p>\n<\/td>\n

\n

494.5<\/span><\/p>\n<\/td>\n

\n

23.8 %<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Adjusted Operating Income\/(Loss) (2)<\/sup><\/span><\/p>\n<\/td>\n

\n

53.7<\/span><\/p>\n<\/td>\n

\n

(40.9)<\/span><\/p>\n<\/td>\n

\n

231.4 %<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Adjusted Net Loss (3) <\/sup>for the year<\/span><\/p>\n<\/td>\n

\n

(149.4)<\/span><\/p>\n<\/td>\n

\n

(141.7)<\/span><\/p>\n<\/td>\n

\n

(5.5 %)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Adjusted EBITDA (4)<\/sup> for the year<\/span><\/p>\n<\/td>\n

\n

115.8<\/span><\/p>\n<\/td>\n

\n

147.0<\/span><\/p>\n<\/td>\n

\n

(21.2 %)<\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Basic and Diluted Loss per Share<\/span><\/p>\n<\/td>\n

\n

(3.33)<\/span><\/p>\n<\/td>\n

\n

(5.98)<\/span><\/p>\n<\/td>\n

\n

44.3 %<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Adjusted Basic and Diluted Loss per Share (5)<\/sup> for the year<\/span><\/p>\n<\/td>\n

\n

(1.33)<\/span><\/p>\n<\/td>\n

\n

(1.24)<\/span><\/p>\n<\/td>\n

\n

(7.3 %)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Basic and Diluted <\/span>Loss<\/span> per ADS<\/span><\/p>\n<\/td>\n

\n

(13.32)<\/span><\/p>\n<\/td>\n

\n

(23.92)<\/span><\/p>\n<\/td>\n

\n

44.3 %<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Adjusted Basic and Diluted <\/span>Loss<\/span> per ADS <\/span>(6) <\/sup>for the year<\/span><\/p>\n<\/td>\n

\n

(5.32)<\/span><\/p>\n<\/td>\n

\n

(4.96)<\/span><\/p>\n<\/td>\n

\n

(7.3 %)<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

 <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n
\n

1.   Adjusted gross profit\/(loss) is defined as gross profit\/(loss) excluding amortization of intangible assets.<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

2.   Adjusted operating income\/(loss) is defined as operating income\/(loss) excluding share-based compensation expense, amortization of intangible assets, impairment loss on operating lease right-of-use assets, impairment loss on goodwill, impairment loss on intangible assets, impairment loss on the long-term investment, and impairment loss on property and equipment.<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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, impairment loss on operating lease right-of-use assets, impairment loss on goodwill, impairment loss on intangible assets, impairment loss on the long-term investment and impairment loss on property and equipment.<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

4.   Adjusted EBITDA is defined as net income\/(loss) excluding interest income\/(expense), net, income tax expense\/benefit; depreciation and amortization, share-based compensation expense, impairment loss on operating lease right-of-use assets, impairment loss on goodwill, impairment loss on intangible assets, impairment loss on the long-term investment, and impairment loss on property and equipment.<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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, impairment loss on operating lease right-of-use assets, impairment loss on goodwill, impairment loss on intangible assets, impairment loss on the long-term investment,  and impairment loss on property and equipment) divided by the weighted average number of basic and diluted ordinary shares.<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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, impairment loss on operating lease right-of-use assets, impairment loss on goodwill, impairment loss on intangible assets, impairment loss on the long-term investment, and impairment loss on property and equipment)) 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.<\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/tr>\n
\n

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.
<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

 <\/p>\n

Overseas Schools (CATS Global Schools)<\/b><\/p>\n

CATS Global Schools included 3 Stafford House locations in UK, 4 CATS Colleges in US and UK, Cambridge School of Visual & Performing Arts and 3 independent boarding schools in UK as of August 31, 2023<\/span>.<\/p>\n