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Bright Scholar Announces Unaudited Financial Results for the Fourth Quarter and Fiscal Year 2024

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Gross Profit from continuing operations increased 7.7% YoY and gross margin from continuing operations grew 2.3 ppts for fiscal year 2024
Management to hold a conference call today at 7:00 a.m. Eastern Time

CAMBRIDGE, England and FOSHAN, China, Nov. 25, 2024 /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 its fourth quarter and fiscal year 2024 ended August 31, 2024.

FOURTH QUARTER OF FISCAL 2024 FINANCIAL HIGHLIGHTS

Revenue from continuing operations was RMB358.3 million, compared to RMB442.2 million for the same quarter last fiscal year.Revenue from Overseas Schools was RMB185.1 million, representing a 0.2% increase from RMB184.8 million for the same quarter last fiscal year.Loss from continuing operations was RMB954.8 million, compared to RMB285.1 million for the same quarter last fiscal year. Adjusted net loss[1] narrowed by 24.3% to RMB92.0 million from RMB121.4 million for the same quarter last fiscal year.

Revenue from continuing operations by Segment

(RMB in millions except for
percentage)

 

For the fourth quarter ended

August 31,

YoY

% Change

% of total
revenue in
F4Q2024

2024

2023

Overseas Schools

 

185.1

 

184.8

 

0.2 %

 

51.7 %

Complementary Education
Services[2]

 

129.8

 

161.7

 

-19.7 %

 

36.2 %

Domestic Kindergartens & K-
12 Operation Services[3]

 

43.4

 

95.7

 

-54.7 %

 

12.1 %

Total

358.3

442.2

-19.0 %

100.0 %

[1].   Adjusted net income/(loss) is defined as net income/(loss) excluding share-based compensation expenses, amortization of intangible assets, tax effect of amortization of intangible assets, impairment loss on goodwill, impairment loss on intangible assets, impairment loss on property and equipment, impairment loss on the long-term investments, and income/(loss) from discontinued operations, net of tax.

[2].   The Complementary Education Services business comprises, overseas study counselling, art training, camps and others.

[3].    The Domestic Kindergartens & K-12 Operation Services business comprises operation services for students of domestic K-12 schools, including catering and procurement services.

For more information on these adjusted financial measures, please see the section captioned “Non-GAAP Financial Measures” and the tables captioned “Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this release.

FISCAL YEAR 2024 FINANCIAL HIGHLIGHTS

Revenue from continuing operations was RMB1,755.2 million, compared to RMB1,772.1 million for the last fiscal year.Revenue from Overseas Schools was RMB951.2 million, representing an increase of 17.5% from the last fiscal year.Gross profit from continuing operations was RMB503.6 million, representing an increase of 7.7% from RMB467.4 million for the last fiscal year. Gross margin from continuing operations increased to 28.7% from 26.4% for the last fiscal year.Loss from continuing operations was RMB869.1 million, compared to RMB358.9 million for the last fiscal year. Adjusted net income was RMB1.1 million, compared to adjusted net loss of RMB192.6 for the last fiscal year.

Revenue from continuing operations by Segment

(RMB in millions except for
percentage)

 

For the fiscal year
ended

August 31,

YoY

% Change

% of total
revenue in FY24

2024

2023

Overseas Schools

 

951.2

 

809.5

 

17.5 %

 

54.2 %

Complementary Education
Services

 

495.1

 

519.2

 

-4.7 %

 

28.2 %

Domestic Kindergartens & K-
12 Operation Services

 

308.9

 

443.4

 

-30.3 %

 

17.6 %

Total

1,755.2

1,772.1

-1.0 %

100.0 %

MANAGEMENT COMMENTARY

Mr. Robert Niu, Chief Executive Officer of Bright Scholar, commented, “Throughout the year, we bolstered our global business and operations, strengthening our foundation for future advancement. Despite macro challenges, we achieved rapid progress in our overseas business while further enhancing our senior leadership team to help advance our near-term expansion goals in overseas markets. Our Overseas Schools business maintained its double-digit year-over-year revenue growth for the fiscal year. As we focused our resources on strengthening our high-growth core business, we have completed divesting non-core business from our Complementary Education Services segment by the end of the fiscal quarter. Moving into fiscal year 2025, we plan to reinforce our “dual-engine” growth strategy by focusing on the continued expansion of our overseas school business while propelling our global recruitment initiatives for prospective international students. We are well-positioned to drive further expansion and capture more of the sizeable market opportunities that will support our sustainable development over the long term.”

Ms. Cindy Zhang, Chief Financial Officer of Bright Scholar, added, “Ongoing development across our core businesses drove our healthy financial results for the fiscal year. Our total revenues for fiscal year 2024 remained stable year over year, with Overseas Schools revenue increasing by 18%. We continued to streamline our operations and improve operational efficiency. Notably, our gross profit increased by 7.7% and gross margin by 2.3 percentage points year-over-year. Meanwhile, we significantly enhanced our cash position, increasing our cash and cash equivalents and restricted cash by 20% for the fiscal year. Looking ahead, supported by our healthy balance sheet and the effective implementation of our “dual-engine” growth strategy, we are confident we can solidify our competitive edge while also driving long-term growth and profitability.”

UNAUDITED FINANCIAL RESULTS FOR THE FOURTH FISCAL QUARTER ENDED AUGUST 31, 2024

Revenue from Continuing Operations

Revenue was RMB358.3 million, compared to RMB442.2 million for the same quarter last fiscal year.

Overseas Schools: Revenue contribution was RMB185.1 million, representing a 0.2% increase from RMB184.8 million for the same quarter last fiscal year.

Complementary Education Services: Revenue contribution was RMB129.8 million, compared to RMB161.7 million  for the same quarter last fiscal year. The decrease was mainly attributable to a reduction in extracurricular programs and study tours.

Domestic Kindergartens & K-12 Operation Services: Revenue contribution was RMB43.4 million, compared to RMB95.7 million for the same quarter last fiscal year.

Cost of Revenue from Continuing Operations

Cost of revenue was RMB322.4 million, or 90.0% of revenue, compared to RMB362.4 million, or 81.9%, for the same quarter last fiscal year.

Gross Profit, Gross Margin and Adjusted Gross Profit from Continuing Operations

Gross profit was RMB35.9 million, compared to RMB79.8 million for the same quarter last fiscal year. Gross margin was 10.0%, compared to 18.1% for the same quarter last fiscal year.

Adjusted gross profit[4] was RMB36.9 million, compared to RMB80.9 million for the same quarter last fiscal year.

Selling, General and Administrative (SG&A) Expenses from Continuing Operations

Total SG&A expenses were RMB119.3 million, representing an 18.3% decrease from RMB146.0 million for the same quarter last fiscal year. This improvement was mainly due to our continuous efforts to streamline our operations and improve operational efficiency in our headquarters.

Operating Loss/Income, Operating Margin and Adjusted Operating Income from Continuing Operations

Operating loss was RMB941.8 million, compared to RMB227.6 million for the same quarter last fiscal year. Operating loss margin was 262.9%, compared to 51.5% for the same quarter last fiscal year.

Adjusted operating loss[5] was RMB78.8 million, compared to RMB64.0 million for the same quarter last fiscal year.

Net Loss and Adjusted Net Income/Loss

Net loss was RMB1,004.7 million, compared to RMB340.3 million for the same quarter last fiscal year.

Adjusted net loss was RMB92.0 million, compared to RMB121.4 million for the same quarter last fiscal year.

Adjusted EBITDA[6]

Adjusted EBITDA loss was RMB81.8 million, compared to RMB55.0 million for the same quarter last fiscal year.

Net Loss per Ordinary Share/ADS and Adjusted Net Earnings/Loss per Ordinary Share/ADS

Basic and diluted net loss per ordinary share attributable to ordinary shareholders from continuing operations were RMB7.90 each, compared to RMB2.41 each for the same quarter last fiscal year.

Basic and diluted net loss per ordinary share attributable to ordinary shareholders from discontinued operations were RMB0.42 each, compared to RMB0.50 each for the same quarter last fiscal year.

Adjusted basic and diluted net loss per ordinary share[7] attributable to ordinary shareholders were RMB0.75 each, compared to RMB1.03 each for the same quarter last fiscal year.

Basic and diluted net loss per ADS attributable to ADS holders from continuing operations were RMB31.60 each, compared to RMB9.64 each for the same quarter last fiscal year.

Basic and diluted net loss per ADS attributable to ADS holders from discontinued operations were RMB1.68 each, compared to RMB2.00 each for the same quarter last fiscal year.

Adjusted basic and diluted net loss per ADS[8] attributable to ADS holders were RMB3.00 each, compared to RMB4.12 each for the same quarter last fiscal year.

UNAUDITED FINANCIAL RESULTS FOR THE FISCAL YEAR ENDED AUGUST 31, 2024

Revenue from Continuing Operations

Revenue was RMB1,755.2 million, compared to RMB1,772.1 million for the last fiscal year.

Overseas Schools: Revenue contribution was RMB951.2 million, representing a 17.5% increase from RMB809.5 million for the last fiscal year. The increase was mainly attributable to increases in both the number of students enrolled and the average tuition fees of overseas schools.

Complementary Education Services: Revenue contribution was RMB495.1 million, compared to RMB519.2 million for the last fiscal year. The decrease was mainly attributable to a reduction in extracurricular programs and study tours.

Domestic Kindergartens & K-12 Operation Services: Revenue contribution was RMB308.9 million, compared to RMB443.4 million for the last fiscal year.

 

Cost of Revenue from Continuing Operations

Cost of revenue was RMB1,251.6 million, or 71.3% of revenue, compared to RMB1,304.7 million, or 73.6%, for the last fiscal year. The improvement was mainly attributable to cost-saving measures.

Gross Profit, Gross Margin and Adjusted Gross Profit from Continuing Operations

Gross profit was RMB503.6 million, representing a 7.7% increase from RMB467.4 million for the last fiscal year. The increase was mainly attributable to the revenue growth in Overseas Schools. Gross margin increased to 28.7% from 26.4% for the last fiscal year.

Adjusted gross profit was RMB507.8 million, representing a 7.6% increase from RMB471.8 million for the last fiscal year.

Selling, General and Administrative (SG&A) Expenses from Continuing Operations

Total SG&A expenses were RMB469.0 million, representing an 8.1% decrease from RMB510.3 million for the last fiscal year. This improvement was mainly due to our continuous efforts to streamline our global operations and improve operational efficiency in our headquarters.

Operating Loss/Income, Operating Margin and Adjusted Operating Income from Continuing Operations

Operating loss was RMB820.4 million, compared to RMB161.7 million for the last fiscal year. Operating loss margin was 46.7%, compared to 9.1% for the last fiscal year.

Adjusted operating income increased by 856.3% to RMB50.5 million, from RMB5.3 million for the last fiscal year.

Net Loss and Adjusted Net Income/Loss

Net loss was RMB1,032.9 million, compared to RMB386.8 million for the last fiscal year.

Adjusted net income was RMB1.1 million, compared to adjusted net loss of RMB192.6 million for the last fiscal year.

Adjusted EBITDA

Adjusted EBITDA increased by 44.1% to RMB80.7 million, from RMB56.0 million for the last fiscal year.

Net Loss per Ordinary Share/ADS and Adjusted Net Earnings/Loss per Ordinary Share/ADS

Basic and diluted net loss per ordinary share from continuing operations attributable to ordinary shareholders were RMB7.18 each, compared to RMB3.03 each for the last fiscal year.

Basic and diluted net loss per ordinary share from discontinued operations attributable to ordinary shareholders were RMB1.22 each, compared to RMB0.30 each for the last fiscal year.

Adjusted basic and diluted net income per ordinary share attributable to ordinary shareholders were RMB0.04 each, compared to net loss per ordinary share attributable to ordinary shareholders of RMB1.63 each for the last fiscal year.

Basic and diluted net loss per ADS from continuing operations attributable to ADS holders were RMB28.72 each, compared to RMB12.12 each for the last fiscal year.

Basic and diluted net loss per ADS from discontinued operations attributable to ADS holders were RMB4.88 each, compared to RMB1.20 each for the last fiscal year.

Adjusted basic and diluted net income per ADS attributable to ADS holders were RMB0.16 each, compared to net loss per ADS attributable to ADS holders were RMB6.52 each for the last fiscal year.

Cash and Working Capital

As of August 31, 2024, the Company had cash and cash equivalents and restricted cash of RMB505.8 million (US$71.3 million), compared to RMB419.9 million as of August 31, 2023.

[4]    Adjusted gross profit from continuing operations is defined as gross profit from continuing operations excluding amortization of intangible assets.

[5].   Adjusted operating income/(loss) from continuing operations is defined as operating income/(loss) from continuing operations excluding share-based compensation expenses, amortization of intangible assets, impairment loss on property and equipment, impairment loss on goodwill, impairment loss on intangible assets, and impairment loss on the long-term investments.

[6].   Adjusted EBITDA is defined as net income/(loss) excluding interest income/(expense), net, income tax expense/benefit, depreciation and amortization, share-based compensation expenses, impairment loss on property and equipment, impairment loss on goodwill, impairment loss on intangible assets, impairment loss on the long-term investments and income/(loss) from discontinued operations, net of tax.

[7]  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 expenses, amortization of intangible assets, tax effect of amortization of intangible assets, impairment loss on property and equipment, impairment loss on goodwill, impairment loss on intangible assets, impairment loss on the long-term investments and income/(loss) from discontinued operations, net of tax) divided by the weighted average number of basic and diluted ordinary shares.

[8].   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 expenses, amortization of intangible assets, tax effect of amortization of intangible assets, impairment loss on property and equipment, impairment loss on goodwill, impairment loss on intangible assets, impairment loss on the long-term investments and income/(loss) from discontinued operations, net of tax) divided by the weighted average number of basic and diluted ADSs.

CONFERENCE CALL 

The Company’s management will host an earnings conference call at 7:00 a.m. U.S. Eastern Time (8:00 p.m. Beijing/Hong Kong Time) on November 25, 2024.

Dial-in details for the earnings conference call are as follows:

Mainland China:                  4001-201203
Hong Kong:                         800-905945
United States:                     1-888-346-8982
International:                       1-412-902-4272

Participants should dial in at least 5 minutes before the scheduled start time and ask to be connected to the call for “Bright Scholar Education Holdings Limited.”

Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at http://ir.brightscholar.com/.

A replay of the conference call will be accessible after the conclusion of the live call until December 2, 2024, by dialing the following telephone numbers:

United States Toll Free:      1-877-344-7529
International:                       1-412-317-0088
Replay Passcode:               7352870

CONVENIENCE TRANSLATION

The Company’s reporting currency is Renminbi (“RMB”). However, periodic reports made to shareholders will include current period amounts translated into U.S. dollars using the prevailing exchange rates at the balance sheet date for the convenience of readers. Translations of balances in the condensed consolidated balance sheets, and the related condensed consolidated statements of operations, and cash flows from RMB into U.S. dollars as of and for the quarter ended August 30, 2024 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB7.0900, representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board on August 30, 2024. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on August 30, 2024, or at any other rate.

NON-GAAP FINANCIAL MEASURES

In evaluating our business, we consider and use certain non-GAAP measures, including primarily adjusted EBITDA, adjusted net income/(loss), adjusted gross profit/(loss), adjusted operating income/(loss), adjusted net earnings/(loss) per share attributable to ordinary shareholders/ADS holders basic and diluted as supplemental measures to review and assess our operating performance. 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 U.S. GAAP. We define adjusted gross profit/(loss) from continuing operations as gross profit/(loss) from continuing operations excluding amortization of intangible assets. We define adjusted EBITDA as net income/(loss) excluding interest income/(expense), net, income tax expense/benefit, depreciation and amortization, share-based compensation expenses, impairment loss on property and equipment, impairment loss on goodwill, impairment loss on intangible assets, impairment loss on the long-term investments and income/(loss) from discontinued operations, net of tax. We define adjusted net income/(loss) as net income/(loss) excluding share-based compensation expenses, amortization of intangible assets, tax effect of amortization of intangible assets, impairment loss on goodwill, impairment loss on intangible assets, impairment loss on property and equipment, impairment loss on the long-term investments, and income/(loss) from discontinued operations, net of tax. We define adjusted operating income/(loss) from continuing operations as operating income/(loss) from continuing operations excluding share-based compensation expenses, amortization of intangible assets, impairment loss on property and equipment, impairment loss on goodwill, impairment loss on intangible assets and impairment loss on the long-term investments. Additionally, we define adjusted net earnings/(loss) per share attributable to ordinary shareholders/ADS holders, basic and diluted, as adjusted net income/(loss) attributable to ordinary shareholders/ADS holders (net income/(loss) to ordinary shareholders/ADS holders excluding share-based compensation expenses, amortization of intangible assets, tax effect of amortization of intangible assets, impairment loss on goodwill, impairment loss on intangible assets,, impairment loss on property and equipment, impairment loss on the long-term investments, and income/(loss) from discontinued operations, net of tax) divided by the weighted average number of basic and diluted ordinary shares or ADSs.

We incur amortization expense of intangible assets related to various acquisitions that have been made in recent years. These intangible assets are valued at the time of acquisition and are then amortized over a period of several years after the acquisition. We believe that exclusion of these expenses allows greater comparability of operating results that are consistent over time for the Company’s newly-acquired and long-held business as the related intangibles do not have significant connection to the growth of the business. Therefore, we provide exclusion of amortization of intangible assets to define adjusted gross profit from continuing operations, adjusted operating income/(loss) from continuing operations, adjusted net income/(loss), and adjusted net earnings/(loss) per share attributable to ordinary shareholders/ADS holders, basic and diluted. In addition, the strategic move to dispose of the non-core businesses is viewed as discontinued operations, which is a non-recurring item. The exclusion facilitates comparisons of our operating performance on a period-to-period basis. Therefore, we provide exclusion of income/(loss) from discontinued operations, net of tax, to define adjusted net income/(loss), adjusted EBITDA, adjusted net earnings/(loss) per share attributable to ordinary shareholders/ADS holders, basic and diluted.

We present the non-GAAP financial measures because they are used by our management to evaluate our operating performance and formulate business plans. Such non-GAAP measures include adjusted EBITDA, adjusted net income/(loss), adjusted gross profit/(loss) from continuing operations, adjusted operating income/(loss) from continuing operations, adjusted net earnings/(loss) per share attributable to ordinary shareholders/ADS holders basic and diluted. Non-GAAP financial measures enable our management to assess our operating results without considering the impact of non-cash charges, including depreciation and amortization and share-based compensation expenses, and without considering the impact of non-operating items such as interest income/(expense), net; income tax expense/benefit; share-based compensation expenses; amortization of intangible assets, tax effect of amortization of intangible assets, and without considering the impact of non-recurring item, i.e. income/(loss) from discontinued operations. We also believe that the use of these non-GAAP measures facilitates investors’ assessment of our operating performance.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using these non-GAAP financial measures is that they do not reflect all items of income and expense that affect our operations. Interest income/(expense), net; income tax expense/benefit; depreciation and amortization; share-based compensation expense; tax effect of amortization of intangible assets have been and may continue to be incurred in our business and are not reflected in the presentation of these non-GAAP measures, including adjusted EBITDA or adjusted net income/(loss). Further, these non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited.

About Bright Scholar Education Holdings Limited

Bright Scholar is a premier global education service Group. The Company primarily provides quality international education to global students and equips them with the critical academic foundation and skillsets necessary to succeed in the pursuit of higher education.  

For more information, please visit: https://ir.brightscholar.com/.

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, the Company’s business plans and development, which can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Such statements are based upon management’s current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control, which may cause the Company’s actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.

IR Contact:
Email: BEDU@thepiacentegroup.com
Phone: +86 (10) 6508-0677/ +1-212-481-2050

Media Contact:
Email: media@brightscholar.com

 

 

 

BRIGHT SCHOLAR EDUCATION HOLDINGS LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands)

As of

August 31,

     August 31,

2023

2024

RMB

RMB

USD

ASSETS

Current assets

Cash and cash equivalents 

410,086

493,377

69,588

Restricted cash  

9,521

12,167

1,716

Accounts receivable, net           

13,800

18,793

2,651

Amounts due from related
   parties, net   

183,468

14,417

2,033

Other receivables, deposits
   and other assets, net

116,807

123,860

17,470

Inventories

1,183

1,160

165

Current assets belong to
  discontinued operations

 

192,534

 

 

Total current assets     

927,399

663,774

93,622

Restricted cash – non-current

250

250

35

Property and equipment, net

390,006

349,349

49,273

Intangible assets, net

310,022

49,598

6,995

Goodwill, net     

1,110,802

527,297

74,372

Long-term investments, net    

32,732

24,421

3,444

Prepayments for construction
   contracts

1,712

328

46

Deferred tax assets, net     

1,644

1,920

271

Other non-current assets, net

9,424

9,106

1,284

Operating lease right-of-use
   assets – non current

1,490,009

1,419,406

200,198

Non-current assets belong to
   discontinued operations

345,510

Total non-current assets             

3,692,111

2,381,675

335,918

TOTAL ASSETS    

4,619,510

3,045,449

429,540

 

 

 

BRIGHT SCHOLAR EDUCATION HOLDINGS LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS-CONTINUED

(Amounts in thousands)

As of

August 31,

 August 31,

2023

2024

           RMB

RMB

                 USD

LIABILITIES AND EQUITY

Current liabilities

Accounts payable

94,481

91,843

12,954

Amounts due to related parties

244,259

78,365

11,053

Accrued expenses and other
   current liabilities

233,053

191,222

26,971

Income tax payable

88,460

78,986

11,140

Contract liabilities – current

428,617

445,715

62,865

Refund liabilities – current 

10,129

9,872

1,392

Operating lease liabilities –
   current

104,905

106,325

14,996

Current liabilities belong to
   discontinued operations

 

276,499

 

 

Total current liabilities

1,480,403

1,002,328

141,371

Non-current contract liabilities

971

866

122

Deferred tax liabilities, net

34,755

31,174

4,397

Operating lease liabilities –
   non current         

1,461,255

1,404,973

198,163

Non-current liabilities belong to
   discontinued operations

70,470

 

Total non-current liabilities        

1,567,451

1,437,013

202,682

TOTAL LIABILITIES            

3,047,854

2,439,341

344,053

EQUITY

Share capital      

8

8

1

Additional paid-in capital  

1,697,370

1,783,490

251,550

Statutory reserves              

20,155

16,535

2,332

Accumulated other
   comprehensive income

172,230

191,397

26,995

Accumulated deficit           

(473,154)

(1,474,619)

(207,986)

Shareholders’ equity   

1,416,609

516,811

72,892

Non-controlling interests            

155,047

89,297

12,595

TOTAL EQUITY   

1,571,656

606,108

85,487

TOTAL LIABILITIES AND EQUITY   

4,619,510

3,045,449

429,540

   

   

 

BRIGHT SCHOLAR EDUCATION HOLDINGS LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

 (Amounts in thousands, except for shares and per share data)

Three Months Ended August 31  

Year Ended August 31 

2023

2024

2023

2024

  RMB

 RMB

 USD

 RMB

 RMB

 USD

Continuing operations

Revenue

442,187

358,271

50,532

1,772,127

1,755,206

247,561

Cost of revenue

(362,354)

(322,407)

(45,473)

(1,304,699)

(1,251,620)

(176,533)

Gross profit

79,833

35,864

5,059

467,428

503,586

71,028

Selling, general and administrative expenses

(145,996)

(119,253)

(16,820)

(510,269)

(469,047)

(66,156)

Impairment loss on goodwill

(147,116)

(593,748)

(83,744)

(147,116)

(593,748)

(83,744)

Impairment loss on intangible assets

(258,326)

(36,435)

(258,326)

(36,435)

Impairment loss on property and equipment

(12,891)

(6,607)

(932)

(12,891)

(6,607)

(932)

Impairment loss on the long-term investments

(2,613)

(2,613)

Other operating income

1,162

316

45

43,783

3,699

522

Operating loss

(227,621)

(941,754)

(132,827)

(161,678)

(820,443)

(115,717)

Interest income/(expense), net

2,124

392

55

(5,452)

(1,315)

(185)

Investment loss

(25)

(182)

(26)

(807)

(2,516)

(355)

Other expenses

(4,316)

(5,591)

(790)

(7,380)

(4,012)

(567)

Loss before income taxes and share of equity in
profit/(loss) of unconsolidated affiliates

(229,838)

(947,135)

(133,588)

(175,317)

(828,286)

(116,824)

Income tax (expense)/ benefit

(55,301)

337

48

(183,208)

(32,908)

(4,641)

Share of equity in profit/(loss) of unconsolidated
affiliates

61

(7,957)

(1,122)

(339)

(7,876)

(1,111)

Net loss from continuing operations

(285,078)

(954,755)

(134,662)

(358,864)

(869,070)

(122,576)

Loss from discontinued operations, net of tax

(55,240)

(49,929)

(7,042)

(27,959)

(163,791)

(23,102)

Net loss

(340,318)

(1,004,684)

(141,704)

(386,823)

(1,032,861)

(145,678)

Net income/(loss) attributable to non-controlling
interests

Continuing operations

334

(16,761)

(2,364)

823

(17,296)

(2,439)

Discontinued operations

3,957

(60)

(8)

7,488

(19,286)

(2,720)

Net loss attributable to ordinary shareholders

Continuing operations

(285,412)

(937,994)

(132,298)

(359,687)

(851,774)

(120,137)

Discontinued operations

(59,197)

(49,869)

(7,034)

(35,447)

(144,505)

(20,382)

Net loss per share attributable to

   ordinary shareholders

—Basic and diluted

Continuing operations

(2.41)

(7.90)

(1.11)

(3.03)

(7.18)

(1.01)

Discontinued operations

(0.50)

(0.42)

(0.06)

(0.30)

(1.22)

(0.17)

Weighted average shares used in

  calculating net loss per ordinary share:

Basic and diluted

Continuing operations

118,669,795

118,669,795

118,669,795

118,669,795

118,669,795

118,669,795

Discontinued operations

118,669,795

118,669,795

118,669,795

118,669,795

118,669,795

118,669,795

Net loss per ADS

Basic and diluted

Continuing operations

(9.64)

(31.60)

(4.44)

(12.12)

(28.72)

(4.04)

Discontinued operations

(2.00)

(1.68)

(0.24)

(1.20)

(4.88)

(0.68)

                                                                                                                 

                                                                     

      

BRIGHT SCHOLAR EDUCATION HOLDINGS LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in thousands)

 

Three Months Ended August 31

Twelve Months Ended August 31

2023

2024

2023

2024

RMB

 RMB

USD

RMB

RMB

USD

Net cash generated from operating activities

6,923

104,041

14,674

22,261

126,394

17,827

Net cash used in investing activities

(20,003)

(128,015)

(18,056)

(52,949)

(98,004)

(13,823)

Net cash used in financing activities

(208,397)

(1,201)

(169)

(298,794)

(85,459)

(12,053)

Effect of exchange rate changes on cash and cash
equivalents, and restricted cash

23,319

(6,270)

(884)

38,934

(4,373)

(617)

Net change in cash and cash equivalents,

and restricted cash

(198,158)

(31,445)

(4,435)

(290,548)

(61,442)

(8,666)

Cash and cash equivalents, and restricted cash

at beginning of the period

765,394

537,239

75,774

857,784

567,236

80,005

Cash and cash equivalents, and restricted cash

at end of the period

567,236

505,794

71,339

567,236

505,794

71,339

 

 

 

BRIGHT SCHOLAR EDUCATION HOLDINGS LIMITED

Reconciliations of GAAP and Non-GAAP Results

(Amounts in thousands, except for shares and per share data)

Three Months Ended August 31

Year Ended August 31

2023

2024

2023

2024

RMB

RMB

USD

RMB

RMB

USD

Gross profit from continuing operations

79,833

35,864

5,059

467,428

503,586

71,028

Add: Amortization of intangible assets

1,050

1,050

148

4,341

4,184

590

Adjusted gross profit from continuing
operations

80,883

36,914

5,207

471,769

507,770

71,618

Operating loss from continuing operations

(227,621)

(941,754)

(132,827)

(161,678)

(820,443)

(115,717)

Add: Share-based compensation expenses

3,240

457

8,101

1,143

Add: Amortization of intangible assets

1,050

1,050

148

4,341

4,184

590

Add: Impairment loss on goodwill

147,116

593,748

83,744

147,116

593,748

83,744

Add: Impairment loss on intangible assets

258,326

36,435

258,326

36,435

Add: Impairment loss on property and equipment

12,891

6,607

932

12,891

6,607

932

Add: Impairment loss on the long-term investments

2,613

2,613

Adjusted operating (loss)/income from continuing
operations

(63,951)

(78,783)

(11,111)

5,283

50,523

7,127

Net loss

(340,318)

(1,004,684)

(141,704)

(386,823)

(1,032,861)

(145,678)

Add: Share-based compensation expenses

3,240

457

8,101

1,143

Add: Amortization of intangible assets

1,050

1,050

148

4,341

4,184

590

Add: Tax effect of amortization of intangible assets

(41)

(209)

(29)

(670)

(833)

(117)

Add: Impairment loss on goodwill

147,116

593,748

83,744

147,116

593,748

83,744

Add: Impairment loss on intangible assets

258,326

36,435

258,326

36,435

Add: Impairment loss on property and equipment

12,891

6,607

932

12,891

6,607

932

Add: Impairment loss on the long-term investments

2,613

 

2,613

Less: Loss from discontinued operations, net of tax

(55,240)

(49,929)

(7,042)

(27,959)

(163,791)

(23,102)

Adjusted net (loss)/income

(121,449)

(91,993)

(12,975)

(192,573)

1,063

151

Net loss attributable to ordinary shareholders

(344,608)

(987,863)

(139,332)

(395,134)

(996,279)

(140,519)

Add: Share-based compensation expenses

3,240

457

8,101

1,143

Add: Amortization of intangible assets

1,050

1,050

148

4,341

4,184

590

Add: Tax effect of amortization of intangible assets

(41)

(209)

(29)

(670)

(833)

(117)

Add: Impairment loss on goodwill

147,116

579,827

81,781

147,116

579,827

81,781

Add: Impairment loss on intangible assets

258,326

36,435

258,326

36,435

Add: Impairment loss on property and equipment

12,891

6,607

932

12,891

6,607

932

Add: Impairment loss on the long-term investments

2,613

2,613

Less: Loss from discontinued operations, net of tax

(59,197)

(49,869)

(7,034)

(35,447)

(144,505)

(20,382)

Adjusted net (loss)/income attributable to
ordinary shareholders

(121,782)

(89,153)

(12,574)

(193,396)

4,438

627

Net loss

(340,318)

(1,004,684)

(141,704)

(386,823)

(1,032,861)

(145,678)

Add: Interest expense, net

(2,124)

(392)

(55)

5,452

1,315

185

Add: Income tax expense

55,301

(337)

(48)

183,208

32,908

4,641

Add: Depreciation and amortization

14,293

11,808

1,665

63,598

48,796

6,882

Add: Share-based compensation expenses

3,240

457

8,101

1,143

Add: Impairment loss on goodwill

147,116

593,748

83,744

147,116

593,748

83,744

Add: Impairment loss on intangible assets

258,326

36,435

258,326

36,435

Add: Impairment loss on property and equipment

12,891

6,607

932

12,891

6,607

932

Add: Impairment loss on the long-term investments

2,613

2,613

Less: Loss from discontinued operations, net of tax

(55,240)

(49,929)

(7,042)

(27,959)

(163,791)

(23,102)

Adjusted EBITDA

(54,988)

(81,755)

(11,532)

56,014

80,731

11,386

Weighted average shares used

   in calculating adjusted net (loss)/income per
ordinary share:

—Basic and Diluted

Continuing operations

118,669,795

118,669,795

118,669,795

118,669,795

118,669,795

118,669,795

Discontinued operations

118,669,795

118,669,795

118,669,795

118,669,795

118,669,795

118,669,795

Adjusted net (loss)/income per share
attributable

   to ordinary shareholders

—Basic

(1.03)

(0.75)

(0.11)

(1.63)

0.04

0.01

—Diluted

(1.03)

(0.75)

(0.11)

(1.63)

0.04

0.01

Adjusted net (loss)/income per ADS

—Basic

(4.12)

(3.00)

(0.44)

(6.52)

0.16

0.04

—Diluted

(4.12)

(3.00)

(0.44)

(6.52)

0.16

0.04

 

View original content:https://www.prnewswire.com/news-releases/bright-scholar-announces-unaudited-financial-results-for-the-fourth-quarter-and-fiscal-year-2024-302315296.html

SOURCE Bright Scholar Education Holdings Ltd.

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Best Pokémon GO Hack 2025: Spoofing with MocPOGO, Save 50% OFF on Holiday Sale!

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NEW YORK, Dec. 12, 2024 /PRNewswire/ — The holiday season is here, and Pokémon GO Trainers have more reasons to celebrate! MocPOGO’s awesome GPS location-changing tool has many superfly amazing discounts to help you make the most of in-game events. With this exclusive deals up to 85% OFF, you can catch rare Pokémon, join global events, and enjoy Pokémon GO like never before—all from the comfort of your home.

What is MocPOGO?

MocPOGO is a powerful GPS location changer designed specifically for iOS and Android devices. It’s the perfect tool for Pokémon GO trainers who want to spoof location on iPhone, participate in global events, and catch region-specific Pokémon without leaving home.

Here’s what makes MocPOGO an amazing tool to have: 

No Jailbreak or Root: Use it easily on iPhone and Android without any complicated setup.Supports Latest Systems: Works perfectly with iOS 18 and Android 15, ensuring compatibility with the newest devices, or just spoofing with PC.Cooldown Timer: Prevents soft bans by managing in-game cooldowns.Error 12 Fixed: Solves the notorious Pokémon GO Error 12 issue.Custom Speeds: Adjust walking speeds between 3 km/h and 100 km/h.Multi-mode to Spoof: Teleport, two-spot, and multi-spot to change location.Joystick 360° Movement: Move your avatar smoothly in any direction for easy in-game navigation.

Save Big on Holiday Sales, Buy One Get Three Free

MocPOGO holiday Sale is Here! From December 12 to January 19, enjoy a fantastic 25% OFF to make your Pokémon GO adventures even better! Plus, as a special bonus, when you purchase MocPOGO for iOS App, you’ll also get the Android app, Mac, and Windows versions for FREE! 

What’s More, Time-limited Sales to Grab Below:

50% OFF: December 24 to 29, perfect for Pokémon GO Hatch Day on December 29.40% OFF: December 13 to 15, ideal for Raid Day on December 14.30% OFF: January 10 to 12 and January 17 to 19, aligning with Raid Day on January 11 and Shadow Raid Day on January 19.

Here is more details: https://mocpogo.com/pokemon-go-event/ 

How to Hack Pokemon GO Location in 3 Easy Steps

Getting started with MocPOGO is simple. Follow these steps to start your journey:

Download and Install: Visit the MocPOGO official website and download the app for your device.Connect Your Device: Use a USB cable or Wi-Fi to link your phone to your computer.Choose a Location: Open the app, enter your desired location, and click the ‘Teleport’ button to start exploring.

About MocPOGO 

MocPOGO is a trusted GPS location hacking app for iOS and Android, perfect for Pokémon GO players and more. It allows instant teleportation, simulates GPS movements, and works without jailbreak. It’s user-friendly and widely loved by customers for its reliability. MocPOGO ensures safe,secure, and exciting virtual exploration across the globe without any physical movement.

LEARN MORE:

https://mocpogo.com/ 

https://mocpogo.com/pokemon-go-event/ 

https://www.youtube.com/@MocPOGO/videos 

This release was issued through Send2Press® on behalf of the news source. For more information, visit Send2Press Newswire at https://www.send2press.com/.

View original content to download multimedia:https://www.prnewswire.com/news-releases/best-pokemon-go-hack-2025-spoofing-with-mocpogo-save-50-off-on-holiday-sale-302329816.html

SOURCE MocPOGO Studio

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TROY Group Responds to Rising Check Fraud with Proven Security Solutions

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With The Wall Street Journal reporting on the rise in check fraud, TROY responds with proven security solutions including tamper resistant TROY MICR Toner Secure™

WHEELING, W.Va., Dec. 12, 2024 /PRNewswire-PRWeb/ — A recent article in the Wall Street Journal spotlighted an alarming surge in check fraud, revealing a nearly 400% increase in such crimes last year as criminals exploit vulnerabilities in the U.S. banking system. The article outlined the strong usage of checks by consumers, businesses, and government agencies alike in the U.S. despite this surge, with a quote from Point Predictive’s Chief Fraud Strategist Frank McKenna stating, “You’ll never get rid of checks.”

“For nearly 20 years, MICR Toner Secure™ has served as a dependable solution in protecting businesses against check fraud. That legacy is built on trust, innovation, and a deep understanding of our customers’ security needs,” Michael Riley, President of TROY Group added.

TROY Group, a trusted leader in secure document solutions, offers a pro- ven defense against these growing threats with MICR Toner Secure™, the only Magnetic Ink Character Recognition (MICR) toner on the market that bleeds red when tampered with. This innovative technology, combined with TROY’s suite of secure solutions, provides an essential safeguard for financial institutions and businesses relying on paper checks.

The rise of check fraud, fueled by tactics like check washing and systemic vulnerabilities in the U.S. banking system, represents a significant threat to financial institutions and businesses. Criminals are increasingly targeting paper checks, altering them with household chemicals to withdraw funds before banks can identify foul play.

Tips on bank vulnerabilities and fraud are now spreading through social media apps like Telegram, Facebook, & TikTok. Recently, Chase Bank was targeted through their ATM kiosks, with criminals depositing large checks and withdrawing the money before the check cleared, a scam that became popular on social media as the “infinite money glitch.”

A Critical Line of Defense Against Check Fraud

At the core of the solution to this problem lies TROY MICR Toner Secure™, the only Magnetic Ink Character Recognition (MICR) toner on the market that bleeds red when tampered with, making it instantly evident that a check has been compromised.

Unlike other security measures, the tamper-evident technology of MICR Toner Secure™ offers a physical, immediate response to unauthorized alterations. This feature not only deters fraud but also enables businesses and financial institutions to quickly identify tampered documents.

2025 marks 20 years since the release of MICR Toner Secure™, making it one of the most trusted and long-running check fraud security tools existing globally.

Comprehensive Solutions Beyond Check Security

While check fraud garners significant attention, the broader risks attached to document security in industries such as healthcare and finance also demand robust solutions. TROY Group addresses these challenges through innovations like SecureDocs Sentry and SecureRx:

SecureDocs Sentry empowers businesses to secure sensitive documents with customizable security features that prevent duplication, unauthorized alterations, or distribution. It’s an essential tool for companies aiming to protect confidential financial data, tax records, business contracts, and more.
SecureRx focuses on the healthcare sector, delivering advanced security features to prevent prescription fraud. By protecting medical documents from tampering and ensuring compliance with regulatory requirements, SecureRx safeguards both providers and patients.

Together, these solutions strengthen TROY Group’s role as a leader in the fight against fraud across multiple industries and organizations.

A Legacy of Trust and Innovation

“For nearly 20 years, MICR Toner Secure™ has served as a dependable solution in protecting businesses against check fraud. That legacy is built on trust, innovation, and a deep understanding of our customers’ security needs,” Michael Riley, President of TROY Group added. “From securing paper checks to safeguarding sensitive documents, TROY remains a committed partner in fraud prevention.”

With check fraud exploiting gaps in the U.S. banking system and endangering consumers, businesses, and institutions alike, solutions that provide immediate detection and tamper-resistant safeguards are critical. TROY Group’s innovative technologies—including its flagship MICR Toner Secure™—stand as a resolute defense in an evolving threat landscape.

For more information on how TROY’s secure printing and document protection solutions can support your business, visit http://www.troygroup.com.

About TROY Group, Inc.

TROY Group, Inc. is a leading provider of secure on-demand printing solutions for businesses worldwide. With a commitment to innovation and excellence, TROY delivers cutting-edge printing technologies that enable organizations to enhance financial security, streamline operations, and achieve their printing objectives with confidence.

Media Contact

Nathan Cross, TROY Group, (304) 907-1938, ncross@troygroup.com, https://www.troygroup.com/

View original content to download multimedia:https://www.prweb.com/releases/troy-group-responds-to-rising-check-fraud-with-proven-security-solutions-302329978.html

SOURCE TROY Group

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The Eduventures® 2024 Student Sentiment Trend Report Reveals Five Insights Into How Higher Ed Must Adapt to Recruit Generation Alpha

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New Research Pinpoints Unique Preferences and Behaviors of Today’s New Generation of High School Students and the Most Effective Strategies to Recruit and Engage Them

BOSTON, Dec. 12, 2024 /PRNewswire-PRWeb/ — Encoura, an industry-leading educational technology and research organization, announced today the publication of the Eduventures 2024 Student Sentiment Trend Report. The annual report provides firsthand insights on student perceptions about college and university marketing and communication – as well as students’ college search behaviors – to empower higher education enrollment and marketing officers with more effective engagement strategies. This year’s release highlights a new student focus: Generation Alpha (Gen Alpha).

“This year’s Student Sentiment Research™ empowers enrollment and marketing leaders with specific steps they can take to most successfully connect with Gen Alpha.”

As students born in 2010 have now entered high school, colleges and universities must prepare to recruit this emerging generation to not fall behind, especially in the wake of the demographic cliff. How should institutions needing to adapt to recruiting and engaging multiple generations strategically use their time and resources? Which channels and content effectively appeal to students from this next generation?

This year’s Eduventures Student Sentiment Trend Report highlights key differences between Generation Z and Generation Alpha, and foreshadows how the shift to Gen Alpha entering the college search process will impact recruitment efforts over the foreseeable future. It also outlines specific strategies institutions can take to adapt to changing student search behaviors and ensure continued engagement in a highly competitive market based on key insights about today’s new high school students.

Key research insights for recruiting Gen Alpha include:
1. Ease of access to information is critical amid declining student patience.
2. Digital search is becoming more interactive.
3. Social platforms are no longer a supplemental recruitment channel.
4. It is time to rethink the top-of-funnel channel strategy to reach a broader market.
5. Relevant content matters more than the right cadence.

“With Gen Alpha now in high school, coinciding with significant changes in the enrollment landscape, it’s essential for colleges and universities to pivot their recruitment approaches for these students. This year’s Student Sentiment Research™ empowers enrollment and marketing leaders with specific steps they can take to most successfully connect with Gen Alpha,” said Johanna Trovato, Eduventures Principal Analyst and primary author of this study.

Gen Alpha has officially started high school, opening up the two-way conversation that is today’s college search. It’s a crucial time for colleges and universities to get to know what makes these students unique and how to best support them from search through enrollment. Continuing with the same recruitment tactics that have been used for Gen Z is sure to weaken institutions’ effectiveness. This report provides insight into the future of higher education recruitment to equip institutions with the strategies needed to achieve their enrollment goals with a new generation.

About Encoura, LLC
Encoura® is an educational data science and research organization serving over 2,000 member institutions comprising public and private colleges and universities across the nation. Since 1972, Encoura has been a leading provider of data science, technology, and programs serving students, high school educators, colleges, and universities with offices in Austin, TX and Boston, MA. These solutions represent the link between students making important life decisions and those providing the resources and information students need to succeed in their postsecondary educations and careers. For more information, visit https://encoura.org.

Members of the media who would like to speak to the author of this report or obtain a copy of the report can contact Todd Boullion at toddb@encoura.org.

Media Contact

Todd Boullion, Encoura, 512-750-2634, toddb@encoura.org, encoura.org 

Brittany Leiva, Encoura, 512-766-2899, brittany.leiva@encoura.org, encoura.org 

View original content:https://www.prweb.com/releases/the-eduventures-2024-student-sentiment-trend-report-reveals-five-insights-into-how-higher-ed-must-adapt-to-recruit-generation-alpha-302329965.html

SOURCE Encoura

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