BEIJING, Oct. 26,
2022 /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, 2022, which is the first
quarter of New Oriental's fiscal year 2023.
Financial Highlights for the First Fiscal Quarter Ended
August 31, 2022
- Total net revenues decreased by 43.1% year over year to
US$744.8 million for the first fiscal
quarter of 2023.
- Operating income increased by 140.5% year over year to
US$78.0 million for the first fiscal
quarter of 2023.
- Net income attributable to New Oriental increased by 9.0% year
over year to US$66.0 million for the
first fiscal quarter of 2023.
Key Financial Results
(in thousands US$,
except per ADS(1) data)
|
1Q
FY2023
|
1Q
FY2022(5)
|
% of
change
|
Net revenues
|
744,822
|
1,308,811
|
-43.1 %
|
Operating
income
|
77,989
|
32,433
|
140.5 %
|
Non-GAAP operating
income (2)(3)
|
97,044
|
75,610
|
28.3 %
|
Net income attributable
to New Oriental
|
66,002
|
60,530
|
9.0 %
|
Non-GAAP net income
attributable to New Oriental (2)(3)
|
83,706
|
111,229
|
-24.7 %
|
Net income per ADS
attributable to New Oriental - basic
|
0.39
|
0.36
|
8.7 %
|
Net income per ADS
attributable to New Oriental - diluted
|
0.38
|
0.36
|
6.8 %
|
Non-GAAP net income per
ADS attributable to New Oriental
- basic(2)(3)(4)
|
0.49
|
0.66
|
-25.0 %
|
Non-GAAP net income per
ADS attributable to New Oriental
- diluted(2)(3)(4)
|
0.48
|
0.66
|
-26.1 %
|
|
|
|
|
(1) Each ADS
represents ten common shares. The Hong Kong-listed shares are fully
fungible with the ADSs listed on NYSE. The weighted average number
of ADS and earnings per ADS have been retrospectively adjusted to
reflect the ADS ratio change from one ADS representing one common
share to one ADS representing ten common shares, which became
effective on April 8, 2022.
|
(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 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.
|
(5) The key
financial results for the first fiscal quarter of 2022 have not
been previously released.
|
Operating Highlights for the First Fiscal Quarter Ended
August 31, 2022
- The total number of schools and learning centers was 706 as of
August 31, 2022, a decrease of 38 and
850 compared to 744 as of May 31,
2022 and 1,556 as of August 31,
2021, respectively. The total number of schools was 98 as of
August 31, 2022.
Michael Yu, New Oriental's
Executive Chairman, commented, "We are delighted to mark a fresh
beginning of our fiscal year 2023 with both solid operational
foundation and thriving new business opportunities. Our remaining
key businesses continued to see a promising trend. In this fiscal
quarter, the overseas test preparation and overseas study
consulting businesses increased by approximately 2% and 21% year
over year, respectively. Our domestic test preparation business
targeting adults and university students increased by approximately
2% year over year. Simultaneously, various new business initiatives
that we embarked on since the second half of fiscal year 2022
achieved positive results. The non-academic tutoring business was
rolled out in over 60 cities, with 297,000 enrollments in this
fiscal quarter, while the intelligent learning system and devices
were adopted in around 60 cities, with 131,000 active paid users in
this fiscal quarter. The encouraging performance, improving
customer retention and positive customer feedback manifest our path
towards a positive direction. We are delighted to see these
businesses are generating revenue and we are confident that these
businesses will make meaningful contribution to the Company's
revenue in this fiscal year."
Chenggang Zhou, New Oriental's
Chief Executive Officer, added, "By the end of this fiscal quarter,
the total number of schools and learning centers was reduced to
706. We focus more strategically on business opportunities in the
major markets of higher-tier cities, and proactively leverage our
existing infrastructure and education resources for both the
remaining key businesses and new educational initiatives across
cities. The continued investment in maintaining our
online-merge-offline teaching system provides flexibility and high
teaching quality to our customers amid the pandemic. Koolearn.com,
our online education platform, further expands its online
educational offerings to adults and university students. It is also
very encouraging to see that DONG FANG ZHEN
XUAN(东方甄选), Koolearn's new e-commerce business featuring the
sale of agricultural and other products, has continued to
experience a rapid growth in the number of subscribers and
customers and received overwhelming responses."
Stephen Zhihui Yang, New
Oriental's Executive President and Chief Financial Officer,
commented, "We are pleased to have achieved turnaround in
profitability this quarter upon the restructuring throughout the
last fiscal year. Our Non-GAAP operating margin for the quarter was
13.0% and Non-GAAP net margin for the quarter was 11.2%. We
recorded a positive operating cash flow of US$185.2 million and by the end of this fiscal
quarter, our cash and cash equivalents, term deposits and
short-term investments totaled approximately US$4.3 billion. Our commitment to promoting our
key remaining businesses, as well as cautious investment in our new
initiatives will become emerging growth engines that accelerate our
recovery and pursuit of profitable growth. We are confident in
delivering more value to our customers, society and shareholders in
the long term."
Share Repurchase
On July 26, 2022, the Company's
board of directors authorized a share repurchase program, under
which the Company may repurchase up to US$400 million of the Company's ADSs or common
shares during the period from July 28,
2022 through May 31, 2023. As
of October 25, 2022, the Company
accumulatively repurchased an aggregate of approximately 1.6
million ADSs for approximately US$39.6
million from the open market under the share repurchase
program.
Financial Results for the First Fiscal Quarter Ended
August 31, 2022
Net Revenues
For the first fiscal quarter of 2023, New Oriental reported net
revenues of US$744.8 million,
representing a 43.1% decrease year over year. The decline was
mainly due to the cessation of K-9 academic after-school tutoring
services in compliance with the government policies in China.
Operating Costs and Expenses
Operating costs and expenses for the quarter were US$666.8 million, representing a 47.8%
decrease year over year. Non-GAAP operating costs and expenses for
the quarter, which exclude share-based compensation expenses, were
US$647.8 million, representing a
47.5% decrease year over year. The decrease was primarily due
to the reduction of facilities and number of staff as a result of
the restructuring in fiscal year 2022.
- Cost of revenues decreased by 51.4% year over year to
US$312.1 million.
- Selling and marketing expenses decreased by 40.2%
year over year to US$98.7
million.
- General and administrative expenses for the quarter
decreased by 45.4% year over year to US$256.0 million. Non-GAAP general and
administrative expenses, which exclude share-based compensation
expenses, were US$237.4 million,
representing a 44.5% decrease year over year.
Total share-based compensation expenses, which were allocated to
related operating costs and expenses, decreased by 55.9% to
US$19.1 million in the first fiscal
quarter of 2023.
Operating Income and Operating Margin
Operating income was US$78.0
million, representing a 140.5% increase year over year.
Non-GAAP income from operations for the quarter was US$97.0 million, representing a
28.3% increase year over year.
Operating margin for the quarter was 10.5%, compared to 2.5% in
the same period of the prior fiscal year. Non-GAAP operating
margin, which excludes share-based compensation expenses, for the
quarter was 13.0%, compared to 5.8% in the same period of the prior
fiscal year.
Net Income and Net Income per ADS
Net income attributable to New Oriental for the quarter was
US$66.0 million, representing a
9.0% increase year over year. Basic and diluted net
income per ADS attributable to New Oriental were US$0.39 and US$0.38, respectively.
Non-GAAP Net Income and Non-GAAP Net Income per ADS
Non-GAAP net income attributable to New Oriental for the quarter
was US$83.7 million, representing a
24.7% decrease year over year. Non-GAAP basic and diluted net
income per ADS attributable to New Oriental were US$0.49 and US$0.48, respectively.
Cash Flow
Net operating cash flow for the first fiscal quarter of 2023 was
approximately US$185.2 million and
capital expenditures for the quarter were US$14.0 million.
Balance Sheet
As of August 31, 2022, New
Oriental had cash and cash equivalents of US$1,103.9 million. In addition, the Company had
US$1,054.7 million in term deposits
and US$2,092.3 million in short-term
investments.
New Oriental's deferred revenue balance, which is primarily cash
collected from registered students for courses and recognized
proportionally as revenue as the instructions are delivered, at the
end of the first quarter of fiscal year 2023 was US$1,012.5 million, a decrease of 30.3% as
compared to US$1,453.3 million at the
end of the first quarter of fiscal year 2022. The decrease is
primarily due to the cessation of K-9 academic after-school
tutoring services in compliance with the government policies in
China.
Outlook for the Second Quarter of the Fiscal Year
2023
Due to seasonality of some of New Oriental's major businesses,
such as test preparation courses and overseas study consulting
services, New Oriental generally records lower revenues in the
second quarter of the fiscal year, with revenues typically below
those of the first quarter. New Oriental expects total net revenues
in the second quarter of the fiscal year 2023 (September 1, 2022 to November 30, 2022) to be in the range of
US$601.4 million to US$619.2 million, representing year-over-year
decline in the range of 9% to 6%.
The projected increase of revenue in our functional currency
Renminbi is expected to be in the range of 1% to 4% for the second
quarter of the fiscal year 2023.
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 26, 2022, U.S. Eastern Time (8 PM on October 26,
2022, Beijing/Hong Kong
Time).
Please register in advance of the conference, using the link
provided below. Upon registering, you will be provided with
participant dial-in numbers, and unique personal PIN.
Conference call registration link:
https://register.vevent.com/register/BIae6908a14257488ebad58ce6d4f7234e.
It will automatically direct you to the registration page of "New
Oriental FY 2023 Q1 Earnings Conference Call" where you may fill in
your details for RSVP.
In the 10 minutes prior to the call start time, you may use the
conference access information (including dial in number(s) and
personal PIN) provided in the confirmation email received at the
point of registering.
Joining the conference call via a live webcast:
Additionally, a live and archived webcast of the conference call
will be available at http://investor.neworiental.org.
Listening to the conference call replay:
A replay of the conference call may be accessed via the webcast
on-demand by registering at
https://edge.media-server.com/mmc/p/hgfrhiuk first. The replay will
be available until October 26,
2023.
About New Oriental
New Oriental is a provider of private educational services in
China offering a wide range of
educational programs, services and products to a varied student
population throughout China. New
Oriental's program, service and product offerings mainly consist of
educational services and test preparation courses, online education
and other services, overseas study consulting services, and
educational materials and distribution. New Oriental is listed on
NYSE (NYSE: EDU) and SEHK (9901.SEHK), respectively. New Oriental's
ADSs, each of which represents ten common shares. The Hong Kong-listed shares are fully
fungible with the ADSs listed on NYSE.
For more information about New Oriental, please visit
http://www.neworiental.org/english/.
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 2023, 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 effectively and efficiently manage
changes of our existing business and new business; our ability to
execute our business strategies; uncertainties in relation to the
interpretation and implementation of or proposed changes to, the
PRC laws, regulations and policies regarding the private education
industry; our ability to attract students without a significant
increase 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 attract and retain our
dedicated and capable faculty and staff, and maintain consistent
teaching quality throughout our school network, or service quality
throughout our brand; our ability to achieve the benefits we expect
from recent and future acquisitions; 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,
certain cost or expense items as a percentage of our revenues, and
our margins; 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. Rita Fong
Ms. Sisi Zhao
FTI Consulting
New Oriental Education & Technology Group Inc.
Tel: +852 3768 4548
Tel:
+86-10-6260-5568
Email: rita.fong@fticonsulting.com
Email:
zhaosisi@xdf.cn
NEW ORIENTAL
EDUCATION & TECHNOLOGY GROUP INC.
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(In
thousands)
|
|
As of August
31
|
|
As of May
31
|
2022
|
|
2022
|
(Unaudited)
|
|
(Audited)
|
|
USD
|
|
USD
|
ASSETS:
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
1,103,872
|
|
1,148,637
|
Term
deposits
|
1,054,686
|
|
1,140,066
|
Short-term
investments
|
2,092,324
|
|
1,902,254
|
Accounts receivable,
net
|
14,880
|
|
16,430
|
Inventory,
net
|
43,933
|
|
27,925
|
Prepaid expenses and
other current assets, net
|
263,196
|
|
215,402
|
Amounts due from
related parties, current
|
11,690
|
|
23,245
|
Total current
assets
|
4,584,581
|
|
4,473,959
|
|
|
|
|
Restricted cash,
non-current
|
33,240
|
|
45,890
|
Property and
equipment, net
|
373,757
|
|
402,690
|
Land use rights,
net
|
3,491
|
|
3,627
|
Amounts due from
related parties, non-current
|
3,055
|
|
3,365
|
Long-term
deposits
|
27,815
|
|
33,409
|
Intangible assets,
net
|
2,372
|
|
2,800
|
Goodwill,
net
|
69,183
|
|
70,803
|
Long-term investments,
net
|
426,651
|
|
437,919
|
Deferred tax assets,
non-current, net
|
40,316
|
|
20,038
|
Right-of-use
assets
|
451,098
|
|
531,102
|
Other non-current
assets
|
4,309
|
|
9,064
|
Total
assets
|
6,019,868
|
|
6,034,666
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
43,433
|
|
22,289
|
Accrued expenses and
other current liabilities
|
432,498
|
|
510,264
|
Income taxes
payable
|
125,338
|
|
75,650
|
Amounts due to related
parties
|
97
|
|
226
|
Deferred
revenue
|
1,012,528
|
|
933,062
|
Operating lease
liability, current
|
154,759
|
|
168,623
|
Total current
liabilities
|
1,768,653
|
|
1,710,114
|
|
|
|
|
Deferred tax
liabilities, non-current
|
17,609
|
|
19,240
|
Unsecured senior
notes
|
44,150
|
|
65,394
|
Operating lease
liabilities, non-current
|
372,790
|
|
446,394
|
Total long-term
liabilities
|
434,549
|
|
531,028
|
|
|
|
|
Total
liabilities
|
2,203,202
|
|
2,241,142
|
|
|
|
|
Equity
|
|
|
|
New Oriental
Education & Technology Group Inc. shareholders'
equity
|
3,706,082
|
|
3,705,506
|
Non-controlling
interests
|
110,584
|
|
88,018
|
Total
equity
|
3,816,666
|
|
3,793,524
|
|
|
|
|
Total liabilities
and equity
|
6,019,868
|
|
6,034,666
|
|
|
|
|
|
|
|
|
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
|
|
2022
|
|
2021
|
|
(Unaudited)
|
|
(Unaudited)
|
|
USD
|
|
USD
|
Net
revenues
|
744,822
|
|
1,308,811
|
|
|
|
|
Operating cost and
expenses (note 1)
|
|
|
|
Cost of
revenues
|
312,067
|
|
642,041
|
Selling and
marketing
|
98,744
|
|
165,025
|
General and
administrative
|
256,022
|
|
469,312
|
Total operating cost
and expenses
|
666,833
|
|
1,276,378
|
Operating
income
|
77,989
|
|
32,433
|
Loss from fair value
change of investments
|
(318)
|
|
(8,577)
|
Other income,
net
|
31,898
|
|
43,925
|
Provision for income
taxes
|
(23,343)
|
|
(18,979)
|
Loss from equity method
investments
|
(1,645)
|
|
(6,160)
|
Net
income
|
84,581
|
|
42,642
|
|
|
|
|
Add: Net (gain)/loss
attributable to non-controlling interests
|
(18,579)
|
|
17,888
|
Net income
attributable to New Oriental Education &
Technology Group Inc.'s shareholders
|
66,002
|
|
60,530
|
|
|
|
|
|
|
|
|
Net income per share
attributable to New Oriental-Basic (note 2)
|
0.04
|
|
0.04
|
|
|
|
|
Net income per share
attributable to New Oriental-Diluted (note 2)
|
0.04
|
|
0.04
|
|
|
|
|
Net income per ADS
attributable to New Oriental-Basic (note 2)
|
0.39
|
|
0.36
|
|
|
|
|
Net income per ADS
attributable to New Oriental-Diluted (note 2)
|
0.38
|
|
0.36
|
NEW ORIENTAL
EDUCATION & TECHNOLOGY GROUP INC.
|
RECONCILIATIONS 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
|
|
2022
|
|
2021
|
|
(Unaudited)
|
|
(Unaudited)
|
|
USD
|
|
USD
|
|
|
|
|
General and
administrative expenses
|
256,022
|
|
469,312
|
Less: Share-based
compensation expenses in general
and administrative expenses
|
18,585
|
|
41,136
|
Non-GAAP general and
administrative expenses
|
237,437
|
|
428,176
|
|
|
|
|
Total operating cost
and expenses
|
666,833
|
|
1,276,378
|
Less: Share-based
compensation expenses
|
19,055
|
|
43,177
|
Non-GAAP operating cost
and expenses
|
647,778
|
|
1,233,201
|
|
|
|
|
Operating
income
|
77,989
|
|
32,433
|
Add: Share-based
compensation expenses
|
19,055
|
|
43,177
|
Non-GAAP operating
income
|
97,044
|
|
75,610
|
|
|
|
|
Operating
margin
|
10.5 %
|
|
2.5 %
|
Non-GAAP operating
margin
|
13.0 %
|
|
5.8 %
|
|
|
|
|
Net income attributable
to New Oriental
|
66,002
|
|
60,530
|
Add: Share-based
compensation expenses
|
17,386
|
|
42,122
|
Less: Loss from fair
value change of investments
|
(318)
|
|
(8,577)
|
Non-GAAP net income
attributable to New Oriental
|
83,706
|
|
111,229
|
|
|
|
|
Net income per ADS
attributable to New Oriental- Basic
(note 2)
|
0.39
|
|
0.36
|
Net income per ADS
attributable to New Oriental-
Diluted (note 2)
|
0.38
|
|
0.36
|
|
|
|
|
Non-GAAP net income per
ADS attributable to New
Oriental - Basic (note 2)
|
0.49
|
|
0.66
|
Non-GAAP net income per
ADS attributable to New
Oriental - Diluted (note 2)
|
0.48
|
|
0.66
|
|
|
|
|
Weighted average shares
used in calculating basic net
income per ADS (note 2)
|
1,700,829,829
|
|
1,694,796,216
|
Weighted average shares
used in calculating diluted net
income per ADS (note 2)
|
1,702,334,883
|
|
1,695,637,661
|
|
|
|
|
Non-GAAP net income per
share - basic
|
0.05
|
|
0.07
|
Non-GAAP net income per
share - diluted
|
0.05
|
|
0.07
|
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
|
|
2022
|
|
2021
|
|
(Unaudited)
|
|
(Unaudited)
|
|
USD
|
|
USD
|
Cost of
revenues
|
(110)
|
|
1,174
|
Selling and
marketing
|
580
|
|
867
|
General and
administrative
|
18,585
|
|
41,136
|
Total
|
19,055
|
|
43,177
|
|
|
|
|
|
Note 2: Each ADS
represents ten common shares. For the three months ended August 31,
2021, the weighted
average number of ADS and earnings per ADS have been
retrospectively adjusted to reflect the ADS ratio
change from one ADS representing one common share to one ADS
representing ten common shares, which
became effective on April 8, 2022.
|
NEW ORIENTAL
EDUCATION & TECHNOLOGY GROUP INC.
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(In
thousands)
|
|
|
|
|
|
For the Three Months
Ended August 31
|
|
|
2022
|
|
2021
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
USD
|
|
USD
|
|
|
|
|
|
|
Net cash provided by/
(used in) operating activities
|
185,247
|
|
(446,513)
|
|
Net cash (used in )/
provided by investing activities
|
(195,296)
|
|
179,319
|
|
Net cash used in
financing activities
|
(19,993)
|
|
(1,081)
|
|
Effect of exchange rate
changes
|
(27,373)
|
|
(14,512)
|
|
|
|
|
|
|
Net change in cash,
cash equivalents and restricted cash
|
(57,415)
|
|
(282,787)
|
|
|
|
|
|
|
Cash, cash
equivalents and restricted cash at beginning of
period
|
1,194,527
|
|
1,632,127
|
|
|
|
|
|
|
Cash, cash
equivalents and restricted cash at end of period
|
1,137,112
|
|
1,349,340
|
|
View original
content:https://www.prnewswire.com/news-releases/new-oriental-announces-results-for-the-first-fiscal-quarter-ended-august-31-2022-301659723.html
SOURCE New Oriental Education and Technology Group Inc.