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Bright Scholar Announces Unaudited Financial Results for the First Quarter of Fiscal Year 2025

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SG&A expenses from continuing operations decreased 33.0% YoY 
Management to hold a conference call today at 7:00 a.m. Eastern Time

CAMBRIDGE, England and FOSHAN, China, Jan. 24, 2025 /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 first quarter of fiscal year 2025, ended November 30, 2024.

Effective the first quarter of fiscal year 2025, the Company changed its presentation currency from Renminbi (“RMB”) to Great Britain Pound (“GBP”) to better align with the Company’s business activities and reflect the Company’s performance. In this announcement, the unaudited financial results for the quarter ended November 30, 2024, are stated in GBP. Prior period numbers have been recast into the new reporting currency.

FIRST QUARTER OF FISCAL YEAR 2025 FINANCIAL HIGHLIGHTS

Revenue from continuing operations was GBP44.7 million, compared to GBP53.3 million for the same quarter last fiscal year.Overseas Study Counselling revenue from continuing operations increased by 5.8% to GBP9.6 million.Net income from continuing operations was GBP4.0 million, compared to GBP5.0 million for the same quarter last fiscal year. Adjusted net income[1] was GBP4.4 million, compared to GBP5.1 million for the same quarter last fiscal year. 

Revenue from continuing operations by Segment[2]

(GBP in millions except for
percentage)

 

For the first quarter
ended

November 30,

YoY

% Change

% of total
revenue in
F1Q2025

2024

2023

Schools[3]

25.7

28.2

-9.0 %

57.4 %

Overseas Study Counselling[4]

9.6

9.1

5.8 %

21.4 %

Others[5]

9.4

16.0

-40.9 %

21.2 %

Total

44.7

53.3

-16.1 %

100.0 %

[1]. Adjusted net income/(loss) is a non-GAAP financial measure, which is defined as net income/(loss) excluding share-based compensation expenses, amortization of intangible assets, tax effect of amortization of intangible assets, and income/(loss) from discontinued operations, net of tax.

[2]. Effective the first quarter of fiscal year 2025, the Company has updated its segment reporting to better reflect its strategic priorities. As a result, the Company now reports segments as Schools, Overseas Study Counselling, and Others. The segment revenue from continuing operations for the first quarter ended November 30, 2023, has been revised to be consistent with the presentation in the first quarter ended November 30, 2024. See “Change in Segment Reporting” in this release.

[3]. Schools business refers to the previous Overseas Schools segment.

[4]. Overseas Study Counselling business is part of the previous Complementary Education Services segment.

[5]. Others include the previous Domestic Kindergartens & K-12 Operation Services and Complementary Education Services segments (excluding Overseas Study Counselling).

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.

MANAGEMENT COMMENTARY

Mr. Robert Niu, Chief Executive Officer of Bright Scholar, commented, “We are pleased to deliver solid first quarter results for fiscal year 2025 amid an evolving external environment, demonstrating the effectiveness of our reorganized business structure and focus on our “dual-engine” growth strategy. During the quarter, we continued to propel the expansion of our Schools business while also improving operational efficiency and quality, freeing our resources to promote educational excellence. In addition, we consistently advanced our global recruitment initiatives aimed at attracting prospective international students, successfully expanding our product and service offerings to more international markets. Looking ahead, we will persist in streamlining our global operations and enhancing efficiency while simultaneously seizing the market’s extensive growth opportunities to strengthen our market share and our position as a leading global education service provider.”

Ms. Cindy Zhang, Chief Financial Officer of Bright Scholar, added, “Fiscal year 2025 is off to an encouraging start, highlighted by a significant reduction in SG&A expenses and year-over-year growth in our Overseas Study Counselling business in the first quarter. Our total revenue from continuing operations was GBP44.7 million, with Overseas Study Counselling revenue from continuing operations increasing by 5.8% year over year to GBP9.6 million. Moreover, we decreased SG&A expenses by 33.0% year over year through ongoing efforts to optimize our cost structure and streamline operations. In addition, we have initiated a share repurchase plan underscoring our commitment to enhancing shareholder value. By maintaining a healthy balance sheet and consistently executing our “dual-engine” growth strategy, we are confident of creating sustainable value for our customers and shareholders over the long term.”

UNAUDITED FINANCIAL RESULTS FOR THE FIRST FISCAL QUARTER ENDED NOVEMBER 30, 2024

Revenue from Continuing Operations

Revenue was GBP44.7 million, compared to GBP53.3 million for the same quarter last fiscal year.

Schools: Revenue contribution was GBP25.7 million, compared to GBP28.2 million for the same quarter last fiscal year.

Overseas Study Counselling: Revenue contribution was GBP9.6 million, compared to GBP9.1 million for the same quarter last fiscal year.

Others: Revenue contribution was GBP9.4 million, compared to GBP16.0 million for the same quarter last fiscal year.

Cost of Revenue from Continuing Operations

Cost of revenue was GBP31.7 million, compared to GBP35.4 million for the same quarter last fiscal year.

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

Gross profit was GBP13.0 million, compared to GBP17.9 million for the same quarter last fiscal year. Gross margin was 29.2%, compared to 33.5% for the same quarter last fiscal year.

Adjusted gross profit[6] from continuing operations was GBP13.2 million, compared to GBP18.0 million for the same quarter last fiscal year.

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

Total SG&A expenses were GBP8.4 million, representing a 33.0% decrease from GBP12.6 million for the same quarter last fiscal year. The decrease was mainly due to the improvement in operational efficiency in our Schools business.

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

Operating income was GBP4.8 million, compared to GBP6.3 million for the same quarter last fiscal year. Operating margin was 10.7%, compared to 11.8% for the same quarter last fiscal year.

Adjusted operating income[7] was GBP5.2 million, compared to GBP6.4 million for the same quarter last fiscal year.

Net Income and Adjusted Net Income

Net income was GBP4.0 million, compared to GBP6.6 million for the same quarter last fiscal year.

Adjusted net income was GBP4.4 million, compared to GBP5.1 million for the same quarter last fiscal year.

Adjusted EBITDA[8]

Adjusted EBITDA was GBP6.4 million, compared to GBP7.6 million for the same quarter last fiscal year.

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

Basic and diluted net income per ordinary share attributable to ordinary shareholders from continuing operations were GBP0.03 each, compared to GBP0.04 each for the same quarter last fiscal year.

Adjusted basic and diluted net income per ordinary share[9] attributable to ordinary shareholders were GBP0.04 and GBP0.03, compared to GBP0.04 and GBP0.04 for the same quarter last fiscal year, respectively.

Basic and diluted net income per ADS attributable to ADS holders from continuing operations were GBP0.13 each, compared to GBP0.16 each for the same quarter last fiscal year.

Adjusted basic and diluted net income per ADS[10] attributable to ADS holders were GBP0.14 each, compared to GBP0.16 each for the same quarter last fiscal year.

[6]. Adjusted gross profit from continuing operations is a non-GAAP financial measure, which is defined as gross profit from continuing operations, excluding amortization of intangible assets.

[7]. Adjusted operating income/(loss) from continuing operations is a non-GAAP financial measure, which is defined as operating income/(loss) from continuing operations excluding share-based compensation expenses and amortization of intangible assets.

[8]. Adjusted EBITDA is a non-GAAP financial measure, which is defined as net income/(loss) excluding interest income/(expense), net, income tax expense/(benefit), depreciation and amortization, share-based compensation expenses, and income/(loss) from discontinued operations, net of tax.

[9]. Adjusted basic and diluted earnings/(loss) per share is a non-GAAP financial measure, which is defined as adjusted net income/(loss) attributable to ordinary shareholders divided by the weighted average number of basic and diluted ordinary shares.

[10]. Adjusted basic and diluted earnings/(loss) per American Depositary Share (“ADS”) is a non-GAAP financial measure, which is defined as adjusted net income/(loss) attributable to ADS shareholders divided by the weighted average number of basic and diluted ADSs.

Cash and Working Capital

As of November 30, 2024, the Company had cash and cash equivalents and restricted cash of GBP47.5 million, compared to GBP54.3 million as of August 31, 2024.

Change in Segment Reporting

Starting in the first quarter of fiscal year 2025, the Company updated its segment reporting to reflect its strategic focus. The Company now reports the Overseas Schools business as the Schools business, the overseas study counselling portion of Complementary Education Services as the Overseas Study Counselling business, and Domestic Kindergartens & K-12 Operation Services and Complementary Education Services (excluding overseas study counselling) as Others. Prior period segment information has been retrospectively revised to conform to the current presentation.

Authorization of Share Repurchase Plan

On January 22, 2025, BEDU’s board of directors authorized a share repurchase plan under which the Company may repurchase up to US$1.2 million of the Company’s ADSs over the next 12 months.

The Company may periodically repurchase its ADSs for cash in various means, including without limitation, open market purchases, block transactions and privately negotiated transactions, in compliance with applicable federal securities laws. In addition, the share repurchase program may be modified, suspended or terminated by the Board any time without prior notice. The number of ADSs repurchased and the timing of repurchases will depend on a number of factors, including without limitation, price, trading volume and general market conditions, along with the Company’s working capital requirements, general business conditions and other factors. Repurchases under the share repurchase program will be funded from the Company’s existing cash and cash equivalents or future cash provided by operating activities.

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 January 24, 2025.

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 January 31, 2025, by dialing the following telephone numbers:

United States Toll Free:      1-877-344-7529
International:                       1-412-317-0088
Replay Passcode:               6100559

CONVENIENCE TRANSLATION

The Company’s reporting currency is GBP. 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, the related condensed consolidated statements of operations, and cash flows from GBP into U.S. dollars as of and for the quarter ended November 30, 2024, are solely for the readers’ convenience and were calculated at the rate of GBP1.00=US$1.2699, representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board on November 29, 2024. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on November 29, 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) 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 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, 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, 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 and amortization of intangible assets. 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, 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 a 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,

     November 30,

2024

2024

GBP

GBP

USD

ASSETS

Current assets

Cash and cash equivalents 

52,991

47,147

59,872

Restricted cash  

1,307

331

420

Accounts receivable, net    

2,018

2,054

2,608

Amounts due from related parties, net    

1,548

2,064

2,621

Other receivables, deposits and other
     assets, net

13,303

12,317

15,641

Inventories

125

821

1,043

Total current assets     

71,292

64,734

82,205

Restricted cash – non-current

27

27

34

Property and equipment, net

37,522

36,245

46,028

Intangible assets, net

5,327

5,230

6,642

Goodwill, net     

56,634

56,975

72,353

Long-term investments, net

2,623

2,655

3,372

Deferred tax assets, net     

206

112

142

Other non-current assets, net

1,013

985

1,251

Operating lease right-of-use assets –
      non-current

152,451

151,437

192,310

Total non-current assets             

255,803

253,666

322,132

TOTAL ASSETS    

327,095

318,400

404,337

 

 

BRIGHT SCHOLAR EDUCATION HOLDINGS LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS-CONTINUED

(Amounts in thousands)

As of

August 31,

November 30,

2024

2024

GBP

GBP

USD

LIABILITIES AND EQUITY

Current liabilities

Accounts payable

9,864

11,384

14,457

Contract liabilities – current

47,872

39,011

49,540

Accrued expenses and other current
      liabilities

20,538

21,026

26,701

Amounts due to related parties

8,417

4,478

5,687

Income tax payable

8,483

8,298

10,538

Refund liabilities – current 

1,060

1,083

1,375

Operating lease liabilities – current

11,420

11,614

14,749

Total current liabilities

107,654

96,894

123,047

Deferred tax liabilities, net

3,348

3,166

4,021

Operating lease liabilities – non-
      current         

150,901

149,867

190,316

Non-current contract liabilities

93

103

131

Total non-current liabilities        

154,342

153,136

194,468

TOTAL LIABILITIES            

261,996

250,030

317,515

EQUITY

Share capital      

1

1

1

Additional paid-in capital  

220,901

221,246

280,960

Statutory reserves              

2,073

2,409

3,059

Accumulated other comprehensive
      income

(3,777)

(4,042)

(5,133)

Accumulated deficit           

(165,693)

(162,292)

(206,095)

Shareholders’ equity   

53,505

57,322

72,792

Non-controlling interests            

11,594

11,048

14,030

TOTAL EQUITY   

65,099

68,370

86,822

TOTAL LIABILITIES AND EQUITY   

327,095

318,400

404,337

 

 

BRIGHT SCHOLAR EDUCATION HOLDINGS LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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

Three Months Ended November 30, 

2023

2024

GBP 

GBP

USD

Continuing operations

Revenue

53,306

44,732

56,805

Cost of revenue

(35,443)

(31,689)

(40,242)

Gross profit

17,863

13,043

16,563

Selling, general and administrative expenses

(12,559)

(8,410)

(10,680)

Other operating income

983

138

175

Operating income

6,287

4,771

6,058

Interest income, net

94

59

75

Investment income

115

2

4

Other expenses

(65)

(6)

(8)

Income before income taxes and share of equity in profit of unconsolidated affiliates

6,431

4,826

6,129

Income tax expense

(1,449)

(814)

(1,034)

Share of equity in profit of unconsolidated affiliates

20

Net income from continuing operations

5,002

4,012

5,095

Income from discontinued operations, net of tax

1,599

Net income

6,601

4,012

5,095

Net income attributable to non-controlling interests

Continuing operations

312

275

349

Discontinued operations

191

Net income attributable to ordinary shareholders

Continuing operations

4,690

3,737

4,746

Discontinued operations

1,408

Net income per share attributable to

   ordinary shareholders

—Basic and diluted

Continuing operations

0.04

0.03

0.04

Discontinued operations

0.01

Weighted average shares used in

   calculating net income per ordinary share:

—Basic

Continuing operations and discontinued operations

118,669,795

118,669,795

118,669,795

—Diluted

Continuing operations and discontinued operations

118,669,795

119,283,889

119,283,889

Net income per ADS

—Basic and diluted

Continuing operations

0.16

0.13

0.16

Discontinued operations

0.05

 

 

BRIGHT SCHOLAR EDUCATION HOLDINGS LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in thousands)

Three Months Ended November 30,

2023

2024

GBP

GBP

USD

Net cash used in operating activities

(2,327)

(5,657)

(7,207)

Net cash (used in)/ generated from investing activities

(1,965)

3,561

4,522

Net cash used in financing activities

(210)

(4,442)

(5,641)

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

627

(263)

(333)

Net change in cash and cash equivalents,

(3,875)

(6,819)

(8,658)

and restricted cash

Cash and cash equivalents, and restricted cash

61,697

54,325

68,987

at beginning of the period

Cash and cash equivalents, and restricted cash

57,822

47,506

60,329

at end of the period

                                                                       

 

BRIGHT SCHOLAR EDUCATION HOLDINGS LIMITED

Reconciliations of GAAP and Non-GAAP Results

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

Three Months Ended November 30,

2023

2024

GBP

GBP

USD

Gross profit from continuing operations

17,863

13,043

16,563

Add: Amortization of intangible assets

116

113

143

Adjusted gross profit from continuing operations

17,979

13,156

16,706

Operating income from continuing operations

6,287

4,771

6,058

Add: Share-based compensation expenses

345

438

Add: Amortization of intangible assets

116

113

143

Adjusted operating income from continuing operations

6,403

5,229

6,639

Net income

6,601

4,012

5,095

Add: Share-based compensation expenses

345

438

Add: Amortization of intangible assets

116

113

143

Add: Tax effect of amortization of intangible assets

(23)

(23)

(29)

Less: Income from discontinued operations, net of tax

1,599

Adjusted net income

5,095

4,447

5,647

Net income attributable to ordinary shareholders

6,098

3,737

4,746

Add: Share-based compensation expenses

345

438

Add: Amortization of intangible assets

88

86

109

Add: Tax effect of amortization of intangible assets

(18)

(18)

(23)

Less: Income from discontinued operations, net of tax

1,408

Adjusted net income attributable to ordinary shareholders

4,760

4,150

5,270

Net income

6,601

4,012

5,095

Add: Interest income, net

(94)

(59)

(75)

Add: Income tax expense

1,449

814

1,034

Add: Depreciation and amortization

1,279

1,266

1,608

Add: Share-based compensation expenses

345

438

Less: Income from discontinued operations, net of tax

1,599

Adjusted EBITDA

7,636

6,378

8,100

Weighted average shares used

   in calculating adjusted net income per ordinary share:

—Basic

118,669,795

118,669,795

118,669,795

—Diluted

118,669,795

119,283,889

119,283,889

Adjusted net income per share attributable

   to ordinary shareholders

—Basic

0.04

0.04

0.04

—Diluted

0.04

0.03

0.04

Adjusted net income per ADS

—Basic and diluted

0.16

0.14

0.18

 

 

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SOURCE Bright Scholar Education Holdings Ltd.

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Technology

TS Imagine Expands Integration with Trumid’s Fixed-Income Trading Platform

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By

Adds Access to Trumid RFQ Automation
and Trumid Full Self Trading (FST™)

NEW YORK, July 23, 2026 /PRNewswire/ — TS Imagine, a leading global cross-asset provider of trading, portfolio, risk management and prime brokerage solutions, announced an expanded workflow integration with Trumid, a financial technology company and leading fixed income electronic trading platform.

The enhanced integration provides TS Imagine clients with broader access to Trumid’s electronic trading ecosystem, including its list-based workflows—Trumid RFQ and Portfolio Trading (PT)—while expanding RFQ automation and cross-protocol capabilities. Clients can now access:

Trumid’s RFQ network, enabling automated workflows through RFQ Auto-Submit via Trumid AutoPilot™ for RFQ, along with API-driven executionHeadless RFQ responder, initiator, and voice inquiry workflows Trumid Full Self Trading (FST™), Trumid’s automated cross-protocol execution capability connecting liquidity and execution opportunities across Trumid RFQ and Swarms, with expansion to Trumid Attributed Trading (firm dealer streams) planned for H2 2026. 

TS Imagine first integrated with Trumid in 2020, including support for Trumid’s Fair Value Model Price (FVMP™) predictive pricing model for corporate bonds.

Alexis Sainte Marie, Fixed Income Product, TS Imagine, said:

“Our expanded relationship with Trumid is an important step for TS Imagine clients seeking greater access to liquidity and workflow automation. We’ve particularly seen significant growth in areas like portfolio trading and RFQ and will continue to work closely with the Trumid team to enhance trading opportunities for our customers.”

Jason Quinn, Chief Product Officer & Global Head of Sales at Trumid, said: 

“Our mutual clients continue to benefit from the integration with TS Imagine, particularly as adoption of Trumid’s list-based workflows continues to accelerate. As clients increasingly engage across multiple Trumid trading protocols, we see additional opportunities to expand our relationship and deliver even greater value for our mutual clients.”

Trumid’s list protocols continued to deliver strong growth during Q2 2026. Trumid RFQ Average Daily Volume (ADV) increased 122% year-over-year, while automated trade volumes executed through Trumid AutoPilot™ for RFQ more than doubled. Trumid PT volume rose approximately 40% year-over-year, with the protocol recording its highest quarterly ADV alongside all-time highs in buy-side participation and lists traded. 

About TS Imagine 

TS Imagine delivers a best-in-class SaaS platform for integrated electronic front-office trading, portfolio management, prime brokerage, and financial risk management. Our global team of technologists continuously develops software and deploys new technologies that empower financial institutions to outperform markets and manage risk in real time. Many of the world’s leading financial institutions trust TS Imagine’s platform to manage their risk exposure and make better trading decisions across derivatives, equities and fixed income, cutting complexity and driving efficiencies.

About Trumid

Trumid is a financial technology company and fixed income electronic trading platform focused on US dollar-denominated Investment Grade, High Yield, Distressed, and Emerging Market bonds. Trumid optimizes the credit trading experience by combining agile technology and market expertise, with a focus on product design. The result is a differentiated ecosystem of protocols and trading solutions delivered within one intuitive platform. Learn more at www.trumid.com.

MEDIA CONTACTS

Greentarget for TS Imagine
tsimagine@greentarget.co.uk

Trumid Press
+1 (212) 618-0300
press@trumid.com

View original content:https://www.prnewswire.com/news-releases/ts-imagine-expands-integration-with-trumids-fixed-income-trading-platform-302832754.html

SOURCE Trumid

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Passage Preparation Wins 2026 CODiE Award for Best Professional Learning Platform

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CHARLOTTESVILLE, Va., July 23, 2026 /PRNewswire/ — Passage Preparation™, a division of K12 Coalition, has been named a 2026 CODiE Award Winner in the category Best Professional Learning Platform.

The CODiE Awards recognize the most innovative products, platforms and services across technology and education. Winners are selected through a rigorous evaluation process led by independent industry experts who assess each solution based on innovation, functionality, market impact, and overall value.

Selected from 228 finalists across 75 categories, the 2026 CODiE Award winners represent the solutions setting new standards for excellence and innovation.

“We are honored to receive this recognition from the CODiE Awards,” said Nathan Estel, Managing Director of Passage Preparation. “This award reflects our team’s commitment to helping aspiring educators build the knowledge, confidence, and instructional expertise they need to succeed on their licensure exams. We remain dedicated to strengthening the educator pipeline through innovative learning experiences that prepare great teachers for the classroom.”

As schools across the country face persistent teacher shortages, Passage Preparation is helping accelerate the path from aspiring educator to licensed classroom teacher. The platform provides comprehensive licensure exam preparation tailored to state certification requirements and subject areas, ensuring candidates focus on the content most relevant to their certification pathway. Developed by experienced teachers and teacher educators, every course is aligned with both licensure standards and evidence-based instructional practices, equipping candidates with the skills they need to succeed on certification exams and in the classroom.

Unlike traditional test-preparation programs that emphasize memorization and test-taking strategies, Passage Preparation builds lasting content knowledge and teaching proficiency through engaging, interactive learning experiences. Candidates benefit from diagnostic assessments that identify strengths and areas for improvement, detailed progress reporting, practice assessments, and personalized study plans. Flexible self-paced learning is complemented by live virtual cohorts that provide instructor guidance, peer collaboration, and accountability, creating a supportive professional learning community for busy educators.

Designed with accessibility and flexibility in mind, Passage Preparation includes tools such as Immersive Reader, offering real-time translation in more than 100 languages, text-to-speech functionality, customizable display settings, and other features that support diverse learning needs. The platform has consistently helped improve certification exam pass rates, enabling many candidates to earn licensure on their first attempt, saving valuable time and costs. By preparing more educators to enter the profession successfully, Passage Preparation helps districts fill critical teaching positions faster and strengthens the educator workforce nationwide.

“The 2026 CODiE Award winners represent some of the most innovative and impactful solutions in the industry,” said Jennifer Baranowski, President of the CODiE Awards. “These organizations are solving meaningful challenges, delivering measurable outcomes, and helping shape the future of technology.”

A complete list of 2026 CODiE Award winners is available at https://codieawards.com/winners.

About K12 Coalition 

K12 Coalition is a collective of specialized education products and services with a common mission to provide a great education for every student in every classroom every day. The company offers deep expertise in solving five macro K-12 education challenges: teacher certification, professional learning, literacy and math curriculum, accelerated student learning through summer school, and district support, including strategic planning and consulting. Learn more at k12coalition.com.

About Passage Preparation

Passage Preparation specializes in providing comprehensive licensure assessment preparation resources designed to bolster teacher confidence and proficiency. These learning resources equip licensure candidates with the knowledge necessary for success on exams and instill in them best teaching practices using methodologies thoughtfully curated to be engaging and aligned precisely with the content covered on the licensure exams. Passage Preparation is part of K12 Coalition, a certified B Corporation helping schools and teachers thrive nationwide.

Media Contact:
Alex Fairchild
K12Coalition@finnpartners.com 

View original content to download multimedia:https://www.prnewswire.com/news-releases/passage-preparation-wins-2026-codie-award-for-best-professional-learning-platform-302832895.html

SOURCE K12 Coalition

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Knox Systems Partners with Microsoft to Accelerate Secure Government Access to Commercial Innovation on Microsoft Azure

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Strategic collaboration helps software companies bring cutting-edge commercial technology to the U.S. Government faster through Microsoft Azure Government Cloud

NEW YORK and WASHINGTON, July 23, 2026 /PRNewswire/ — Knox Systems (Knox), the largest, longest-running federal managed cloud, today announced a collaboration with Microsoft to help commercial software companies deploy secure, mission-ready solutions on Microsoft Azure Government Cloud for U.S. Government customers.

As demand for modern AI, cybersecurity, data, and enterprise software continues to grow across the public sector, the partnership is designed to reduce the barriers that have historically prevented government agencies from accessing the same technologies already transforming the commercial market.

Knox enables software providers to achieve production-ready federal cloud environments in as little as 90 days through its pre-authorized Federal Managed Cloud. By inheriting a substantial portion of required security controls, companies can reduce the time, effort, cost, and compliance burden associated with deploying compliant government cloud solutions. Combined with Microsoft Azure’s trusted government cloud platform, the collaboration provides an accelerated path for innovative software companies seeking to serve federal civilian and defense customers.

“America’s greatest technology companies shouldn’t spend years navigating compliance before they can help solve government missions,” said Irina Denisenko, CEO of Knox Systems. “Microsoft has built one of the world’s most trusted cloud platforms for government. Knox removes the operational barriers that can keep innovative software companies from deploying secure, compliant solutions on Azure Government. Together, we’re making it dramatically faster for agencies to access the technologies they need, securely, compliantly, and at mission speed.”

The collaboration strengthens Microsoft’s ecosystem for independent software vendors (ISVs) pursuing government opportunities while expanding the pathway for AI-native, cybersecurity, enterprise software, and critical infrastructure companies to bring production workloads to Azure.

“Microsoft is committed to helping software companies innovate for government while meeting the highest standards for security and compliance,” said Jamie Harper, VP, Defense Industrial Base, Microsoft. “Our collaboration with Knox provides organizations with an accelerated path to deploy innovative solutions on Microsoft Azure Government Cloud, helping government agencies gain faster access to the technologies that support critical missions.”

Knox currently operates one of the industry’s largest FedRAMP-authorized managed cloud environments, supporting more than 70 software companies and maintaining 16 US Federal and Department of War Authorizations to Operate (ATOs). Customers including Adobe, Armis, Celonis, BigID, and other leading software providers rely on Knox to bring commercial innovation to government faster while maintaining rigorous security standards.

As AI adoption accelerates across government, the partnership reflects a shared commitment to ensuring agencies can securely leverage the same cutting-edge technologies already powering the commercial economy.

About Knox Systems

Knox Systems operates the largest managed federal cloud, trusted by top agencies and partners across defense and civilian sectors. Built for speed, resilience, and compliance, Knox delivers FedRAMP authorization in 90 days – turning the biggest bottleneck in government IT into the fastest path to modernization. Knox proudly serves Adobe, Celonis, OutSystems, Armis, BigID, and more AI and SaaS providers, accelerating secure innovation across the federal landscape. Learn more at knoxsystems.com.

Media Contact:
knox@w2comm.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/knox-systems-partners-with-microsoft-to-accelerate-secure-government-access-to-commercial-innovation-on-microsoft-azure-302832781.html

SOURCE Knox Systems, Inc

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