New Oriental’s revenue in the second quarter of fiscal year 2021 was $888 million, up 13% year on year

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Sina Technology News Beijing time January 22 evening news, New Oriental( NYSE:EDU )The second quarter results for the fiscal year 2021 ended November 30, 2020 were released today. According to the financial report, New Oriental’s net revenue in the second quarter was $887.7 million, up 13.1% year on year. Net profit attributable to New Oriental was US $53.9 million, up 0.9% year on year. Based on non US GAAP, net profit was US $69.1 million, up 21.3% year on year.
Summary of second quarter financial results:
Net revenue was $887.7 million, up 13.1% year on year.
Operating loss was $32.1 million, compared with operating profit of $25.3 million in the same period last year.
Net profit attributable to New Oriental was US $53.9 million, up 0.9% year on year.
Based on non US GAAP, net profit was US $69.1 million, up 21.3% year on year.
Summary of second quarter operating results:
In the second quarter, the total number of students registered for academic subject guidance and test preparation courses was about 4183100, up 10.4% year on year.
As of November 30, 2020, the total number of schools and learning centers under New Oriental is 1518, 214 more than 1304 in the same period of last year, and 46 more than 1472 at the end of the previous financial quarter. As of November 30, 2020, the total number of schools under New Oriental is 117.
Results for the first six months of fy2021 (as of November 30, 2020)
Net revenue was $1874.1 million, up 0.9% year on year.
The total number of students participating in academic subject guidance and test preparation courses increased by 11.7% to about 7144200.
Net profit was US $228.6 million, a year-on-year decrease of 12.9%.
Based on non US GAAP, net profit was US $253.7 million, down 11.7% year on year.
Second quarter performance analysis:
Net revenue was $887.7 million, up 13.1% year on year. The revenue of education related services was $833.3 million, up 15.2% year on year.
Operating costs and expenses were $918.8 million, up 21.0% year on year. Based on non US GAAP, operating costs and expenses were US $901.4 million, up 20.4% year on year.
Revenue cost was US $453.7 million, up 26.4% year on year.
Sales and marketing expenses were US $133.6 million, up 23.9% year on year.
General and administrative expenses amounted to US $332.6 million, up 13.5% year on year. Based on non US GAAP, general and administrative expenses amounted to 318.8 million US dollars, up 13.4% year on year.
The expenditure on stock awards was US $18.5 million, up 64.8% year on year.
Operating loss was $32.1 million, compared with operating profit of $25.3 million in the same period last year. Based on non US GAAP, the operating loss was $13.7 million, compared with an operating profit of $36.5 million in the same period last year.
Operating profit margin was – 3.6%, up from 3.2% in the same period last year. Based on non US GAAP, the operating profit margin was – 1.5%, compared with 4.7% in the same period last year.
Net profit was US $53.9 million, up 0.9% year on year. Based on non US GAAP, net profit was US $69.1 million, up 21.3% year on year.
The basic and diluted earnings of each ADSS were both US $0.33. Based on non US GAAP, the basic and diluted earnings of each ADSS are US $0.43.
cash flow
Net operating cash flow was approximately $410.7 million. Capital expenditure was $62 million, mainly due to the opening of 78 facilities and the renovation of existing learning centers.
Balance sheet
As of November 30, 2020, New Oriental had $2643.2 million in cash and cash equivalents, compared with $915.1 million as of May 31, 2020. In addition, New Oriental has $416.1 million in time deposits and $3035.3 million in short-term investments.
Performance Outlook:
New Oriental expects total net revenue to reach $1098.6 million to $1144.8 million in the third quarter of fiscal 2021, up 19% to 24% year on year.
Teleconferencing:
New Oriental management team will hold a financial report conference call at 8:00 a.m. EST on January 22 (9:00 p.m. Beijing / Hong Kong time on January 22). Please register by using the link provided below before the conference. After registration, you will get the dial in number, password and unique registered person ID. The registration link for conference call is: https://apac.directeventreg.com/registration/event/1083313 . In addition, New Oriental website investor relations channel http://investor.neworiental.org The teleconference will be webcast and recorded.