Technology
Bright Scholar Announces Unaudited Financial Results for the Fourth Quarter and Fiscal Year 2024
Published
1 year agoon
By
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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MARIANA MINERALS RESTARTS UTAH COPPER MINE AS THE WORLD’S ONLY AUTONOMOUS-FIRST MINE AND REFINERY
Published
3 minutes agoon
April 27, 2026By
Software-first minerals company integrates autonomous haulage, drilling, and robotic sensing across mining and refining under a single AI operating platform
SAN JUAN COUNTY, Utah, April 27, 2026 /PRNewswire/ — Mariana Minerals, the world’s only software-first, vertically integrated minerals company, today announced the restart of mining operations at Copper One in southeastern Utah. The restart marks a milestone in mining history: Copper One becomes the world’s first mine to deploy autonomous tools across all three operational domains (mining, refining, and capital project execution) unified under a single operating system.
Mariana acquired Lisbon Valley Mining Company in Q4 2025, gaining control of a roughly 10,000-acre permitted land package that has produced high-purity copper cathode since 2009. While refinery operations continued uninterrupted, mining was paused in late 2024. Mining operations resume this month with autonomous systems and autonomous orchestration active from day one.
“Copper One will be the first mine where delivering end-to-end autonomy is the priority, where it’s being rapidly deployed across mining and refining operations and coordinated by our internal software stack. That’s what MarianaOS makes possible. We chose to prove it here because the stakes are real: the U.S. has a structural copper deficit, and the window to close it is narrowing. We’re producing now and ramping output aggressively, with the primary goal of achieving fully-autonomous mining operations,” said Turner Caldwell, Co-Founder & CEO, Mariana Minerals.
MarianaOS: An Autonomy-First Mining Operating System
What makes Copper One unprecedented is not any single piece of autonomous equipment, but the intelligence layer coordinating them. MarianaOS integrates three core subsystems, MineOS, PlantOS, and CapitalProjectOS, into a unified platform spanning project execution through copper production.
On the mining side, Copper One will begin with integrating three best-in-class autonomous equipment platforms. Pronto’s turnkey Autonomous Haulage System (AHS) uses camera-based machine learning and Global Navigation Satellite Systems (GNSS) to enable fully driverless haul truck operation, with OEM-agnostic retrofit capability across mixed fleets. Sandvik’s AutoMine® platform enables autonomous production drilling, allowing operators to simultaneously monitor multiple surface machine operations from a remote-operations control center. And Boston Dynamics’ Spot quadruped robots autonomously patrol the open pit, heap leach pad, and solvent extraction-electrowinning (SX-EW) refinery infrastructure. All of these data feed directly into MineOS, enabling fleet-wide optimization and continuous improvement.
PlantOS extends autonomous operations into refining by integrating real-time sensor data across the entire refining process (solution chemistry, flow rates, temperature, and electrowinning cell performance) into a unified control system. Machine learning models predict process drift, automatically adjust reagent dosing, and flags maintenance needs before they impact output. The result is a continuously optimized refinery that operates with minimal human intervention.
CapitalProjectOS redefines how capital-intensive infrastructure projects are planned and executed. Traditional projects often take a decade or more and frequently suffer from chronic cost overruns. CapitalProjectOS integrates process development, engineering, procurement, construction, and commissioning data into a single platform that enables real-time progress tracking, predictive risk modeling, and automated schedule optimization. At Copper One, CapitalProjectOS is managing the expansion roadmap to scale output to 50,000 metric tons per year, coordinating heap leach pad expansions, refinery upgrades, and autonomous equipment deployment in parallel.
Built to Move Fast
While Mariana is actively constructing and developing greenfield projects – with the goal of compressing engineering, procurement, construction, and commissioning timelines leveraging CapitalProjectOS – Copper One is uniquely positioned to accelerate deployment of MarianaOS at scale. With an existing open pit mine, heap leach pad, and SX-EW refining infrastructure already in place, Mariana will rapidly ramp production that would take years to replicate elsewhere.
Mariana’s longer-term plan is to scale Copper One output to 50,000 metric tons per year of high-purity copper cathode by 2030, leveraging additional proven deposits on the property and integrating copper scrap recycling.
A Critical Supply Gap
The U.S. currently imports approximately 50% of its refined copper. With domestic demand projected to nearly double by 2035 — driven by AI data centers, defense systems, EVs, and grid modernization — the supply gap is a national security issue. The Trump Administration’s Section 232 investigation cited copper imports as a direct concern, and the Pentagon has identified critical minerals vulnerability as a threat to the defense industrial base.
Domestic operations like Copper One, and the step-change in productivity that autonomous operations deliver, have become strategically essential.
About Mariana Minerals
Mariana engineers, builds, and operates mines and refineries, using proprietary AI and machine learning tools to accelerate project execution and optimize production across critically needed metals. Copper One is Mariana’s second active project, alongside Lithium One, the world’s first GWh-scale lithium extraction facility from oil and gas produced water, currently under construction in East Texas. Mariana has raised $120 million in total capital, including a Series A led by Andreessen Horowitz with participation from Breakthrough Energy Ventures, Khosla Ventures, and strategic investors.
View original content to download multimedia:https://www.prnewswire.com/news-releases/mariana-minerals-restarts-utah-copper-mine-as-the-worlds-only-autonomous-first-mine-and-refinery-302753491.html
SOURCE Mariana Minerals
Technology
State CISOs Report Lower Confidence Across the Public Sector Cyber Ecosystem, 2026 NASCIO-Deloitte Survey Finds
Published
3 minutes agoon
April 27, 2026By
The 2026 National Association of Chief Information Officers – Deloitte biennial cybersecurity study finds state officials face increasingly sophisticated threats, including new artificial intelligence-enabled tactics, and highlights steps CISOs are taking to better protect public data and critical digital services
NEW YORK, April 27, 2026 /PRNewswire/ —
Key takeaways
The survey of Chief Information Security Officers (CISOs) from all 50 states and two territories found that just 26% of state CISOs are “extremely” or “very” confident that their state’s information assets are protected from cyber threats, down from 48% in 2022.Implementing effectiveness metrics is now CISOs’ top priority: 49% named it a top cybersecurity initiative in 2026, up from 15% in 2022.Nearly all state CISOs (94%) said they are involved in developing Generative AI security policies and 84% are involved in Generative AI strategy development.Budget pressure is rising with 16% of CISOs reporting their budgets have been cut, up from none in 2024.The percentage of CISOs who described themselves as “not very confident” in the ability of local government and public higher education to secure public data rose significantly, from 35% in 2022 to 63% in 2026.
Why this decline in confidence matters
States share data and systems with counties, cities, and public colleges and universities, so a vulnerability in one network can cascade, exposing personal information, disrupting essential services and driving costly incident response. As attackers adopt AI-enabled tactics, the urgency is growing for faster coordination, clearer policy and stronger baseline defenses across the public sector. This may explain why roughly one-fifth of CISOs indicated that their states were moving toward a “whole-of-state” approach to cybersecurity.
Metrics reporting becomes CISOs’ top priority
Top priorities for CISOs have shifted since the 2024 survey. When asked to identify their states’ top cybersecurity initiatives for 2026, half of CISOs named implementing effectiveness metrics (49%, up from 25% in 2024 and 15% in 2022). Capturing the effectiveness of cyber spending can be difficult, but without metrics, it is challenging to show the benefits of investments. Tracking operational, compliance and risk-based key performance indicators, such as incident response time and phishing click rate, can help demonstrate the return on cyber investment.
AI both accelerates threats and becomes a frontline defense
AI is accelerating the scale and sophistication of attacks targeting public sector systems, making it easier and cheaper for adversaries to generate and automate cyberattacks. CISOs also point to an emerging threat toolkit, including deepfakes that can fool people and evade detection, AI agents that probe for weaknesses and adapt, and AI-driven ransomware-as-a-service operations.
At the same time, CISOs describe AI as a practical way to keep pace, using it to triage security alerts, summarize events, and explore faster report creation, threat identification and training. Several states are already utilizing Generative AI in core security operations, including security information and event management (SIEM) and security orchestration, automation and response (SOAR). The report also underscores how central CISOs have become to state AI efforts.
Key quotes
“We’re seeing more states move toward a ‘whole-of-state’ cybersecurity approach where the state helps extend protection beyond state agencies to local governments, public education and other critical entities that can become an entry point for attackers. At its core, it’s about scaling capabilities through shared services and better collaboration so a weakness in one part of the ecosystem doesn’t become a statewide incident. Many states are looking to scale capabilities through security operations centers and regional support, so counties, cities and schools can benefit from the same cyber-defense muscle as the enterprise.”
Mike Wyatt, Stale local and higher education cyber risk leader, Deloitte
“It’s an encouraging development that state CISOs are being placed at the center of Generative AI security. They are helping shape the strategy, establishing security policies and reviewing proposed use cases. By being involved from the beginning, CISOs are helping governments move faster without sacrificing safeguards because security and governance complement each other. We’re also seeing CISOs explore practical uses of AI to strengthen day-to-day defense, while putting clearer guardrails around responsible uses.”
Meredith Ward, deputy executive director, NASCIO
Additional data
To read the 2026 NASCIO-Deloitte report in its entirety, click here.
About NASCIO
The National Association of State Chief Information Officers is the premier network and resource for state CIOs and a leading advocate for technology policy at all levels of government. NASCIO represents state chief information officers and information technology executives from the states, territories, and the District of Columbia. For more information about NASCIO visit www.nascio.org.
As used in this document, “Deloitte” means Deloitte & Touche LLP, a subsidiary of Deloitte LLP. Please see www.deloitte.com/us/about for a detailed description of our legal structure. Certain services may not be available to attest clients under the rules and regulations of public accounting.
View original content to download multimedia:https://www.prnewswire.com/news-releases/state-cisos-report-lower-confidence-across-the-public-sector-cyber-ecosystem-2026-nascio-deloitte-survey-finds-302751899.html
SOURCE Deloitte
Technology
Duck Creek Kicks Off Formation ’26 as Strong Fiscal Momentum Signals Accelerating Demand for its Intelligent Core Insurance Platform
Published
3 minutes agoon
April 27, 2026By
Company highlights double-digit SaaS growth, global expansion, and launch of its new agentic AI platform as industry leaders gather in Orlando
BOSTON, April 27, 2026 /CNW/ — Duck Creek Technologies, the intelligent core of insurance, today kicks off Formation ’26: Agents of Innovation, its flagship user conference, as the company builds strong momentum in the first half of fiscal 2026, marked by double-digit year-over-year SaaS ARR growth fueled by new logos and expansion across its global customer base.
Duck Creek’s strong start to fiscal 2026 reflects this demand, with double-digit new customer wins and existing customer expansions across its core, specialty, and AI-powered solutions. Adoption of Duck Creek’s intelligent cloud continues to scale globally. Insurers are selecting Duck Creek for its enterprise depth including policy, billing, claims, rating, loss control, reinsurance, distribution management, and payments solutions to operate faster, more accurately, and maintain regulatory compliance.
“We are expanding our leadership in insurance technology with more than 370 customers globally. Including 33 of the top 50 North American insurers,” said Hardeep Gulati, Chief Executive Officer of Duck Creek. “Insurers modernizing their core systems are looking for more from their technology. They need a trusted partner like Duck Creek with proven enterprise scale and speed-to-value to help them drive profitable impact and growth. At Formation, we are excited to announce our new agentic platform that will help further improve the combined ratios for insurers with more than $150B in premium flowing through Duck Creek annually.”
Formation ’26 will bring together more than 800 insurance professionals, ecosystem partners, and industry leaders to explore how technology is transforming the insurance lifecycle. The event underscores growing market demand for intelligent, cloud-native platforms that enable insurers to accelerate cloud migration, product development, and automate core insurance workflows to accelerate decision-making and improve operational agility. A highlight of the event will be Duck Creek unveiling its agentic AI platform and showcasing live demonstrations of agentic applications and agents.
Formation ’26 will feature a distinguished lineup of guest speakers joining Gulati during his keynote, including Stephen Lord, Global CIO of AXIS Capital, and Monti Saroya, Senior Managing Director and Co-Head of the Flagship Fund at Vista Equity Partners. Together, they will share perspectives on large-scale transformation, AI adoption, and the future of agentic insurance.
The conference will also include a customer panel moderated by Chief Operating Officer Chris McCloskey, featuring leaders from Core Specialty, Europ Assistance, and Arbella Insurance, who will discuss their transformation journeys and business outcomes achieved through modern core systems. An analyst panel moderated by SVP of Sales William Magowan will bring together experts from AM Best, Celent, and Datos Insights to provide an external view on market trends and innovation benchmarks.
Customer Momentum
Millers Mutual Insurance advanced its modernization strategy with Duck Creek OnDemand, implementing Policy, Billing, and Reinsurance Clarity to modernize its core systems and support continued growth in the multifamily housing insurance market.Anchor Group Management Inc. partnered with Duck Creek to modernize its insurance payments infrastructure, enabling more streamlined billing processes and improved digital payment experiences for policyholders.Frankenmuth Insurance adopted Duck Creek OnDemand Distribution Management to transform how it manages agencies and producers, increasing visibility, improving operational efficiency, and strengthening collaboration across its distribution network.Indigo Insurance turned to Duck Creek OnDemand to accelerate its modernization strategy and support rapid growth, gaining a scalable cloud-based core platform designed to bring new products to market faster.Encova Insurance went live on an upgraded Duck Creek OnDemand Distribution Management system, unifying agency operations across lines of business, streamlining onboarding, and improving the overall agent experience.New Zealand’s Medical Assurance Society (MAS) selected Duck Creek’s full suite of core solutions delivered via OnDemand to modernize its general insurance business, enhance member experiences, and support a broader digital and data-driven transformation.Country-Wide Insurance selected Duck Creek Clarity to strengthen its data and analytics capabilities, enabling real-time insights and preparing for its upcoming OnDemand go-live with Active Delivery.Fortegra selected Duck Creek Reinsurance and Duck Creek Clarity to modernize financial operations, improve portfolio transparency, and support continued growth across products, geographies, and distribution models.Duck Creek secured more than a dozen additional new customer engagements across commercial specialty and personal lines.
Industry Recognition
Named a Leader in the 2025 Gartner Magic Quadrant for SaaS P&C Insurance Core Platforms North America, marking the seventh consecutive year the company has been recognized as a Leader.Named a Leader in the Everest Group 2025 Underwriting Orchestration Products PEAK Matrix Assessment, recognizing Duck Creek’s strength in delivering AI-driven underwriting, integrated core workflows, and measurable value across global P&C carriers.Featured in Everest Group’s 2026 Voice of the Customer Report for Insurance CXOPs, outperforming both core system peers and the market average, with customers citing strengths in seamless implementation, deep core system integration, and enterprise scalability and more.Received the 2025 IDC FinTech Real Results Award for Insurance Transformation for measurable customer outcomes.
About Duck Creek
Duck Creek is the intelligent core that leading insurers choose to build on. Purpose-built for property and casualty (P&C) and general insurance, Duck Creek unifies the full insurance lifecycle on a single platform with one data foundation. As an agentic platform, it connects intelligence across underwriting, policy, billing, claims, and payments workflows where decisions are made and compliance is non-negotiable. Duck Creek enables carriers to launch products faster, adapt quickly to change, and grow with precision and confidence. Solutions are available individually or as a full suite via Duck Creek OnDemand. Visit www.duckcreek.com and follow Duck Creek on LinkedIn and X.
Media Contacts:
Marianne Dempsey / Tara Stred
duckcreek@threeringsinc.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/duck-creek-kicks-off-formation-26-as-strong-fiscal-momentum-signals-accelerating-demand-for-its-intelligent-core-insurance-platform-302753478.html
SOURCE Duck Creek Technologies, Inc.
MARIANA MINERALS RESTARTS UTAH COPPER MINE AS THE WORLD’S ONLY AUTONOMOUS-FIRST MINE AND REFINERY
State CISOs Report Lower Confidence Across the Public Sector Cyber Ecosystem, 2026 NASCIO-Deloitte Survey Finds
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