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

Published

2 years ago

on

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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Axon Announces Body 5: Next-Generation Camera Built for the AI Era

Published

4 hours ago

on

October 24, 2026

By

Axon Body 5 delivers 25x the AI processing power of earlier-generation cameras, with upgraded connectivity, audio and battery life to support real-time situational awareness in the field

SCOTTSDALE, Ariz., Oct. 24, 2026 /PRNewswire/ — Axon (Nasdaq: AXON), the global leader in public safety technology, today announced Axon Body 5, its newest body-worn camera designed to bring more powerful intelligence, connectivity and real-time support directly to officers in the field.

For years, Axon body cameras have helped agencies capture critical evidence and create greater transparency. Body 5 is built to help officers during the call, with information, assistance and backup on the spot.

“Officers shouldn’t have to choose between getting information and watching the scene. With Axon Body 5, they don’t,” said Rick Smith, Axon Founder and CEO. “They capture a license or document with the camera, keep their hands free and eyes up, and get information faster than writing it down and calling it in by radio. An officer fully engaged with the person in front of them, not down at a notepad, is a safer officer and a better-served community.”

Axon Body 5: Built for the AI Era

Built from the ground up for the AI era, Axon Body 5 delivers 25x the AI processing power than earlier generation Axon body cameras, alongside advancements in connectivity, audio, video and battery life. Together, these upgrades give the camera the physical power to run smarter AI features — both today and as new AI tools are developed in the future — while also making it more dependable for officers to use every day. 

For the first time, Axon is also introducing two versions of its latest flagship camera: Axon Body 5 and Axon Body 5 Pro.

Both models feature several key advancements, including:

25x more processing power for AI: A powerful new computing architecture creates the capacity to support current and future AI features directly on the body camera.Enhanced video: Improved video captures clearer evidence across challenging environments, including better low-light performance.Improved connectivity: Seamless connectivity in urban and remote environments – and more precise location capability – helps officers, cameras and remote support teams stay connected when timely information matters most.Longer battery life: 20% more battery life than the previous generation helps keep the camera ready and connected throughout an officer’s shift.

The Axon Body 5 Pro will continue to gain new AI capabilities as they become available, growing along with the AI Era Plan. Additionally, new hardware features include:

A near-focus camera: An additional dedicated camera lens lets officers scan driver’s licenses to check status and search for wants or warrants in seconds, without returning to the patrol vehicle, with relevant information sent to Axon Fusus to support real-time operations.Front-facing speakers: Four additional speakers project even more powerful audio toward the person an officer is speaking with, helping real-time translations from Axon Assistant carry more clearly over heavy traffic or crowd noise. Additional memory: Extra space lets the camera run several AI tools at once, helping officers stay better informed and work faster.

Bringing More of Axon’s AI Era Into the Field

Axon Body 5 helps officers get more out of the Axon AI Era Plan by bringing smart tools right to the scene. Axon’s portfolio already supports public safety professionals across a growing range of tasks. For example, Draft One helps officers turn body-camera audio into high-quality report drafts and Axon Assistant provides voice-based information access and real-time translation.

Increasingly, Axon is also bringing AI into real-time operations.

Axon Guardian is a new category of AI features within the AI Era Plan that was specifically created to work with an officer’s field-based devices – starting with body cameras and in-car cameras – to improve safety. Guardian is designed to flag potential risks as situations unfold and create alerts when additional attention may be needed. Two of the first features include:

Escalation Detection: When an Axon Body 4 or Axon Body 5 camera is activated and recording, Guardian has the ability to detect potential conflicts in real time and create an alert in Axon Fusus. A human reviews the livestream and decides if additional support or action is needed.Approach Alert: When active on Axon Fleet 3, Guardian can detect if the door of a stopped vehicle opens and alert the officer through the in-car display and their body-worn camera.

Combined, Axon Body 5 and the expanding AI Era portfolio demonstrate the importance of AI as a critical resource to assist public safety professionals before, during and after an incident — reducing administrative burden, improving situational awareness and helping protect more lives.

Innovating Responsibly

Axon’s Responsible Innovation framework guides the development of all of its products. Designed with this in mind, Axon Body 5 and Guardian prioritize human oversight and maintain agency control over data. As a key part of the responsible innovation process, Axon’s independent Ethics and Equity Advisory Council was created to help responsibly develop and deploy new technologies with transparency, while aligning with community expectations.

General availability dates for Axon Body 5 and Axon Guardian will be announced soon. Product features and capabilities vary by configuration. For more information on Axon’s current products and services: Axon Product Catalog – Axon.com.

About Axon
Axon (Nasdaq: AXON) is the global leader in public safety technology supporting state, local, federal and international public safety agencies with technology designed to Protect Life. Complementing its mission, Axon’s growing Enterprise market focuses on protecting critical infrastructure and frontline workers across multiple industries including corporate security, hospitality, retail and healthcare. Founder-led since 1993, Axon builds products with transparency and responsibility. From TASER energy devices to today’s connected network of hardware – including cameras, drones, and robotics – cloud software, sensors, and AI-tools, the Axon ecosystem helps seamlessly protect people and places when it matters most. To ensure these technologies align with community expectations, Axon’s independent Ethics & Equity Advisory Council guides the ethical, inclusive, and accountable design of its products and services. Learn more about the EEAC and Axon’s Responsible Innovation framework at Axon Responsibility. 

Non-Axon trademarks are the property of their respective owners. Axon, TASER and the Delta Logo are trademarks of Axon Enterprise, Inc., some of which are registered in the US and other countries. For more information, visit www.axon.com/legal. All rights reserved.

Please visit https://investor.axon.com and https://www.axon.com/newsroom for more information.

Media Contact:
Kate MacKinnon
Vice President, Communications
press@axon.com

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In HelloNation, Custom Fabrication Expert Mark Coyle Explains a Common Mistake in Custom Aluminum Design

Published

5 hours ago

on

October 24, 2026

By

The article explains why smart geometry, not thicker walls, creates stronger, more efficient aluminum components.

ROCHESTER, N.Y., Oct. 24, 2026 /PRNewswire/ — What early design choice causes many custom aluminum projects to become heavier, costlier, or harder to manufacture? That question is addressed in a HelloNation article featuring insights from Custom Fabrication Expert Mark Coyle of American Custom Metals, Inc. in Rochester, New York, that outlines how misunderstanding aluminum behavior leads designers to rely on thick walls instead of stronger geometry.

The article begins by explaining that many people assume thicker walls automatically make aluminum parts stronger. It notes that aluminum does not respond to wall thickness the way steel does. Instead, its performance is shaped by how the metal flows through the extrusion die. The article states that custom aluminum design is more effective when profiles use ribs, chambers, and flanges to create stiffness without adding unnecessary weight. This guidance helps readers understand why adding material often increases cost without improving strength.

The article also highlights that thicker walls change how aluminum moves during extrusion. When heavy areas fill more slowly, the metal cools unevenly and can develop stress that only appears later. The HelloNation piece explains that well-balanced geometry keeps extrusion smooth and predictable. This consistency makes it easier to maintain dimensional accuracy across long production runs. By focusing on geometry, custom aluminum design avoids the problems that come with slow extrusion speeds and uneven cooling.

Another insight in the article centers on how ribs and internal supports influence stability. It describes how a thin wall supported by a properly placed rib often performs better than a thick wall with no reinforcement. This happens because the rib helps distribute load, improve stiffness, and guide the aluminum as it cools. The article explains that this structural approach makes custom aluminum design more efficient and gives designers more control over how the final part behaves under pressure.

The article also shows why early collaboration between designer and fabricator prevents costly changes. It states that a fabricator familiar with extrusion can catch potential issues before a die is built. Small adjustments to corners or transitions can remove weak points or improve metal flow. The article notes that this teamwork keeps the design aligned with real-world production. By working together early, both sides reduce the risk of redesigning the die after the first test run.

Machining is another area where the article explains how wall thickness affects performance. Features such as deep pockets or sharp internal angles may require slow feed rates or special tooling. When walls are thicker than needed, those areas can become difficult to machine cleanly. The article states that thoughtful custom aluminum design makes machining more predictable. Small changes, such as adding radiused edges or sizing features to match standard tools, help shorten cycle times and prevent tool wear.

Thermal behavior receives detailed attention as well. The article explains that aluminum retains heat differently depending on the mass of each section. Thicker walls hold heat longer, which increases the chance of distortion during extrusion, machining, or finishing. When a design uses geometry to create strength, the material cools more evenly. This reduces warping and helps long profiles stay aligned. The article notes that stable cooling is important for components that require a precise fit and consistent shape throughout an entire production run.

Cost is also a key topic in the article. It states that heavier profiles increase material use, extrusion time, and tooling needs. A custom aluminum design that relies on geometry instead of mass lowers material consumption and keeps the fabrication process efficient. The article explains that lighter parts are easier to handle, ship, and assemble. This saves money across multiple stages of production and supports long-term manufacturing efficiency.

The article also notes that smart custom aluminum design creates profiles that behave predictably during extrusion and machining. Smooth transitions, balanced wall dimensions, and structural features help reduce the chance of distortion or dimensional drift. These elements also lower scrap rates and support reliable performance. By using geometry instead of excess material, designers build parts that maintain strength without compromising manufacturability.

As the article concludes, it emphasizes that avoiding thick walls is one of the best ways to improve performance and lower cost. It states that the most dependable custom aluminum components come from designs that use structural features to strengthen the profile. When designers understand how aluminum behaves at each stage of extrusion and machining, they create parts that are strong, efficient, and consistent from batch to batch. This approach turns custom aluminum design into a predictable process rather than a series of uncertain adjustments.

A Common Mistake in Custom Aluminum Design features insights from Mark Coyle, Custom Fabrication Expert of Rochester, NY, in HelloNation.

About HelloNation
HelloNation is America’s Good News Network, a premier media platform built on the idea that good news travels faster when real people tell real stories. Through its community-focused publications and innovative “edvertising” approach, HelloNation delivers content that informs, inspires, and spotlights the leaders making a meaningful impact in their communities.

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SOURCE HelloNation

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World Young Scientist Summit 2026 Opens in Wenzhou, Zhejiang

Published

6 hours ago

on

October 24, 2026

By

WENZHOU, China, Oct. 24, 2026 /PRNewswire/ — This is a report by China Daily:

On October 24, the World Young Scientist Summit 2026 opened in Wenzhou, Zhejiang. The event is hosted by the China Association for Science and Technology (CAST), the Zhejiang Provincial People’s Government, and the World Association of Young Scientists. Nearly 800 representatives, including scientists, educators, and entrepreneurs from more than 60 countries and regions, are attending the summit.

He Junke, Vice President of CAST in charge of daily work and First Secretary of its Secretariat; Lian Yimin, Chairman and Party Group Secretary of the Zhejiang Provincial Committee of the Chinese People’s Political Consultative Conference; Marcelo Knobel, Executive Director of The World Academy of Sciences; and Zhang Zhenfeng, Member of the Standing Committee of the CPC Zhejiang Provincial Committee and Secretary of the CPC Wenzhou Municipal Committee, attended the summit and delivered remarks. Yao Gaoyuan, Vice Governor of the Zhejiang Provincial People’s Government, presided over the first segment of the plenary session.

With the theme “Gathering Talents Worldwide to Create a Better Future,” the summit’s annual agenda is “Global Youth Action in the AI Era: Building a Sustainable Future.” It aims to draw on the insights of young people around the world, deepen international sci-tech cooperation, and jointly address questions about young people, science, the world and the future.

Efim Zelmanov, Fields Medalist and Foreign Member of the Chinese Academy of Sciences; Chen Yunji, Deputy Director of the Institute of Computing Technology, CAS, and Director of the National Key Laboratory of Processor Chips; Mary Garson, President of the International Union of Pure and Applied Chemistry; and Lu Chaoyang, Member of the Standing Committee of CAST, Executive Dean of the Shanghai Institute of Advanced Study, University of Science and Technology of China, and Chairman of the Council of the World Association of Young Scientists, delivered keynote speeches respectively on education reform in the AI era, AI and processor chips, young women scientists’ participation in science, and quantum computing. They explored new opportunities for scientific research, talent cultivation, and international cooperation in the AI era.

This year’s summit placed greater emphasis on the growth needs of young scientists, with young talents under the age of 45 accounting for 88 percent of participants. It aimed to build a cluster of international journals, bring together young scientific talent, facilitate a batch of international collaborative projects and advance the application and commercialization of scientific and technological achievements. The summit released the Report on the Distribution and Mobility of Young Scientists in the Field of Embodied Intelligence, launched the World Young Scientist Summit Partner Journal Program and the 2026 World Young Scientist Innovation and Entrepreneurship Growth Support Program. It also published the “Young Scientist Pioneers 2035” list and announced the 2026 Sustainable Development Young Scientist Award. The awards were presented to four Chinese and foreign scientists.

Chen Tianrun, Founder of Hangzhou Moxin Technology Co., Ltd.; Yuan Yang, Assistant to the Dean of the Institute for Interdisciplinary Information Sciences at Tsinghua University; and two of the 2026 Sustainable Development Young Scientist Award winners, César de la Fuente and Nicola Segata, among other Chinese and foreign young scientist representatives, spoke at the flash-talk session to share their research practices and reflections.

In addition, the conference focused on fields such as future manufacturing, quantum information, embodied intelligence, brain-computer intelligence, environmental science, deep-sea resources, and life and health, and held 12 parallel forums. It also included the “Gravitation π” Future Technology and Concept Products Exhibition and Exchange, local thematic side events, and sci-tech and humanities study visits, further building an interdisciplinary, cross-regional and cross-sector platform for youth sci-tech exchange and cooperation.

View original content to download multimedia:https://www.prnewswire.com/news-releases/world-young-scientist-summit-2026-opens-in-wenzhou-zhejiang-302918664.html

SOURCE China Daily

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