BEIJING, Oct. 24, 2017 /PRNewswire/ -- New Oriental
Education and Technology Group Inc. (the "Company" or "New
Oriental") (NYSE: EDU), the largest provider of private educational
services in China, today announced
its unaudited financial results for the first fiscal quarter ended
August 31, 2017, which is the first
quarter of New Oriental's fiscal year 2018.
Financial Highlights for the First Fiscal Quarter Ended
August 31, 2017
- Total net revenues increased by 23.8% year-over-year to
US$661.2 million for the first fiscal
quarter of 2018.
- Operating income increased by 5.6% year-over-year to
US$161.1 million for the first fiscal
quarter of 2018.
- Net income attributable to New Oriental increased by 12.3%
year-over-year to US$158.4 million
for the first fiscal quarter of 2018.
Key Financial Results
(in thousands US$,
except per ADS(1) data)
|
1Q
FY2018
|
1Q
FY2017
|
% of
change
|
Net
revenues
|
661,165
|
534,069
|
23.8%
|
Operating
income
|
161,077
|
152,584
|
5.6%
|
Non-GAAP operating
income (2)(3)
|
164,203
|
153,465
|
7.0%
|
Net income
attributable to New Oriental
|
158,393
|
141,062
|
12.3%
|
Non-GAAP net income
attributable to New Oriental
(2)(3)
|
161,519
|
141,943
|
13.8%
|
Net income per ADS
attributable to New Oriental -
basic
|
1.00
|
0.90
|
11.9%
|
Net income per ADS
attributable to New Oriental -
diluted
|
1.00
|
0.89
|
12.0%
|
Non-GAAP net income
per ADS attributable to New
Oriental - basic(3)(4)
|
1.02
|
0.90
|
13.4%
|
Non-GAAP net income
per ADS attributable to New
Oriental - diluted(3)(4)
|
1.02
|
0.90
|
13.5%
|
|
|
|
|
(1) Each ADS represents one
common share.
(2) GAAP represents Generally
Accepted Accounting Principles in the United States of
America.
(3) New Oriental provides net
income attributable to New Oriental, operating income and net
income per ADS attributable to New
Oriental on a
non-GAAP basis that excludes share-based compensation expenses to
provide supplemental information regarding
its operating
performance. For more information on these non-GAAP financial
measures, please see the section captioned
"About Non-GAAP
Financial Measures" and the tables captioned "Reconciliations of
Non-GAAP Measures to the Most
Comparable GAAP
Measures" set forth at the end of this release.
(4) The Non-GAAP net income
per ADS is computed using Non-GAAP net income and the same number
of shares and ADSs used in
GAAP basic and
diluted EPS calculation.
|
Operating Highlights for the First Fiscal Quarter Ended
August 31, 2017
- Total student enrollments in academic subjects tutoring and
test preparation courses increased by 15.6% year-over-year to
approximately 1,532,900 for the first fiscal quarter of 2018.
- The total number of schools and learning centers was 899 as of
August 31, 2017, an increase of 128
compared to 771 as of August 31,
2016, and an increase of 44 compared to 855 as of
May 31, 2017. The total number of
schools was 78 as of August 31,
2017.
Michael Yu, New Oriental's
Executive Chairman, commented, "We are pleased to mark a robust
start of our fiscal year 2018 with overall first quarter revenue
growth of 23.8%, or 25.9% if computed in Renminbi, which exceeded
our initial expectations. This strong top-line growth was largely
fueled by our solid performance in student enrollments in the
recent two quarters, which had a steady year-over-year increase of
24.9% for the fourth fiscal quarter of 2017 and the first fiscal
quarter of 2018. Our key revenue driver, K-12 all-subjects
after-school tutoring business, recorded accelerated year-over-year
revenue growth of approximately 35.3%, or 37.6% if computed in
Renminbi, reflecting on-going powerful momentum. Further, our U-Can
middle and high school all-subjects after-school tutoring business
grew by approximately 37.3% year-over-year, and POP Kids program
delivered a year-over-year revenue increase of approximately 38.3%
if computed in Renminbi."
Chenggang Zhou, New Oriental's
Chief Executive Officer, added, "Our first quarter performance
demonstrates the strength of our steadfast and proven "Optimize the
Market" strategy. Since last fiscal quarter, we started to
moderately accelerate our capacity expansion across cities with
strong growth potential, to capture untapped opportunities in
China's enormous education market.
This quarter, we added a net of 43 learning centers in 22 existing
cities and rolled out one dual-teacher model school in the city of
Zhongshan. Altogether, the total square meters of classroom area by
end of this quarter increased approximately 31.4% year-over-year.
Furthermore, we carried out a large-scale summer promotion this
quarter by offering low-cost trial courses for multiple subjects in
38 cities mainly targeting students before they start the first
secondary school year. Trial course enrolments during the period
reached 554,000, more than doubling year-over-year, and student
retention rose year-over-year as well. Meanwhile, we continued our
progress in building our online and offline integrated education
ecosystem and rolling out O2O standardized teaching system for our
overseas test preparation business, such as IELTS, TOEFL and SAT
programs, in some of the large cities in China. Also, our pure online education
platform, Koolearn.com, achieved a year-over-year revenue growth of
approximately 41.9%, or 44.3% if computed in Renminbi, with
registered users up by approximately 30.8% and paid users up by
approximately 45.3%. We believe our successful strategy to acquire
and effectively retain customers and expand capacity will further
strengthen our market leadership while setting a solid foundation
for stronger growth throughout fiscal year 2018 and beyond."
Stephen Zhihui Yang, New
Oriental's Chief Financial Officer, commented, "Our continued
investment in capacity expansion and a larger scale summer
promotion has led to a lower utilization of facilities and higher
cost. While this had a short-term impact on our operating margin
and net margin in the first quarter, we currently believe the
pressure on margins will lessen and reverse throughout the
remainder of the fiscal year. Most importantly, our expansion
strategy and the recent incentives should drive additional revenue
growth and market share in the long run. We expect significant
return on the efforts we have made and believe this will also
deliver long-term value for our customers and shareholders."
Financial Results for the First Fiscal Quarter Ended
August 31, 2017
Net Revenues
For the first fiscal quarter of 2018, New Oriental reported net
revenues of US$661.2 million,
representing a 23.8% increase year-over-year. Net revenues from
educational programs and services for the first fiscal quarter were
US$604.5 million, representing a
22.3% increase year-over-year. The growth was mainly driven by
increases in student enrollments in academic subjects tutoring and
test preparation courses in the recent two quarters. Further to an
exceptional 36.9% year-over-year enrollment growth in the fourth
fiscal quarter of 2017, student enrollment continued to grow by
15.6% year-over-year in the first fiscal quarter of 2018. The
combined enrollment growth for the fourth fiscal quarter of 2017
and the first fiscal quarter of 2018 reached 24.9%.
Total student enrollments in academic subjects tutoring and test
preparation courses in the first fiscal quarter of 2018 increased
by 15.6% year-over-year to approximately 1,532,900.
Operating Costs and Expenses
Operating costs and expenses for the quarter were US$500.1 million, representing a 31.1% increase
year-over-year. Non-GAAP operating costs and expenses for the
quarter, which exclude share-based compensation expenses, were
US$497.0 million, representing a
30.6% increase year-over-year.
- Cost of revenues increased by 32.9% year-over-year to
US$270.2 million, primarily due to
increases in teachers' compensation for more teaching hours and the
number of schools and learning centers in operation.
- Selling and marketing expenses increased by 26.4%
year-over-year to US$ 73.9 million,
primarily due to increases in brand promotion expenses and selling
and marketing staff's compensation.
- General and administrative expenses for the quarter
increased by 30.4% year-over-year to US$156.0 million. Non-GAAP general and
administrative expenses, which exclude share-based compensation
expenses, were US$152.9 million,
representing a 28.7% increase year-over-year, primarily due to
increased headcount as the Company expanded its network of schools
and learning centers by approximately 16.6% year-over-year.
Total share-based compensation expenses, which were allocated to
related operating costs and expenses, increased by 254.8% to
US$3.1 million in the first fiscal
quarter of 2018.
Operating Income and Operating Margin
Operating income was US$161.1
million, representing a 5.6% increase year-over-year.
Non-GAAP income from operations for the quarter was US$164.2 million, representing a 7.0% increase
year-over-year.
Operating margin for the quarter was 24.4%, compared to 28.6% in
the same period of the prior fiscal year. Non-GAAP operating
margin, which excludes share-based compensation expenses, for the
quarter was 24.8%, compared to 28.7% in the same period of the
prior fiscal year. Operating margin was negatively affected by the
increase in costs and expenses mainly due to capacity expansion in
the recent two quarters and the larger scale summer promotion.
Net Income and EPS
Net income attributable to New Oriental for the quarter was
US$158.4 million, representing a
12.3% increase from the same period of the prior fiscal year. Basic
and diluted earnings per ADS attributable to New Oriental were
US$1.0 and US$1.0, respectively.
Non-GAAP Net Income and Non-GAAP EPS
Non-GAAP net income attributable to New Oriental for the quarter
was US$161.5 million, representing a
13.8% increase from the same period of the prior fiscal year.
Non-GAAP basic and diluted earnings per ADS attributable to New
Oriental were US$1.02 and
US$1.02, respectively.
Cash Flow
Net operating cash flow for the first fiscal quarter of 2018 was
approximately US$204.4 million.
Capital expenditures for the quarter were US$54.1 million, which were primarily
attributable to the opening of one new school and 74 learning
centers and renovations at existing learning centers.
Balance Sheet
As of August 31, 2017, New
Oriental had cash and cash equivalents of US$838.9 million, compared to US$641.0 million as of May
31, 2017. In addition, the Company had US$122.4 million in term deposits, US$1.4 billion in short-term investment, and
US$17.6 million in long-term
held-to-maturity investments due within one year from August 31, 2017 consisting of trusts guaranteed
by a bank.
New Oriental's deferred revenue balance, which is cash collected
from registered students for courses and recognized proportionally
as revenue as the instructions are delivered, at the end of the
first quarter of fiscal year 2018 was US$930.0 million, an increase of 41.5% as
compared to US$657.1 million at the
end of the first quarter of fiscal year 2017.
Outlook for Second Quarter of Fiscal Year 2018
New Oriental expects total net revenues in the second quarter of
fiscal year 2018 (September 1, 2017
to November 30, 2017) to be in the
range of US$447.0 million to US$460.7
million, representing year-over-year growth in the range of
31% to 35%.
This forecast reflects New Oriental's current and preliminary
view, which is subject to change.
Conference Call Information
New Oriental's management will host an earnings conference call
at 8 AM on October 24, 2017, U.S. Eastern Time (8 PM on October 24,
2017, Beijing/Hong Kong
Time).
Dial-in details for the earnings conference call are as
follows:
US:
|
+1-845-675-0437
|
Hong Kong:
|
+852-3018-6771
|
UK:
|
+44-20-3621-4779
|
Passcode:
|
90617427
|
Please dial in 10 minutes before the call is scheduled to begin
and provide the passcode to join the call.
A replay of the conference call may be accessed by phone at the
following number until November 1,
2017:
International:
|
+61 2 8199
0299
|
Passcode:
|
90617427
|
Additionally, a live and archived webcast of the conference call
will be available at http://investor.neworiental.org.
About New Oriental
New Oriental is the largest provider of private educational
services in China based on the
number of program offerings, total student enrollments and
geographic presence. New Oriental offers a wide range of
educational programs, services and products consisting primarily of
language training and test preparation, primary and secondary
school education, online education, content development and
distribution, overseas study consulting services, pre-school
education and study tour. New Oriental's ADSs, each of which
represents one common share, currently trade on the New York Stock
Exchange under the symbol "EDU."
For more information about New Oriental, please
visit http://english.neworiental.org.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar statements. Among other things,
the outlook for the second quarter of fiscal year 2018, quotations
from management in this announcement, as well as New Oriental's
strategic and operational plans, contain forward-looking
statements. New Oriental may also make written or oral
forward-looking statements in its reports filed or furnished to the
U.S. Securities and Exchange Commission, in its annual reports to
shareholders, in press releases and other written materials and in
oral statements made by its officers, directors or employees to
third parties. Statements that are not historical facts, including
statements about New Oriental's beliefs and expectations, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the
following: our ability to attract students without a significant
decrease in course fees; our ability to continue to hire, train and
retain qualified teachers; our ability to maintain and enhance our
"New Oriental" brand; our ability to effectively and efficiently
manage the expansion of our school network and successfully execute
our growth strategy; the outcome of ongoing, or any future,
litigation or arbitration, including those relating to copyright
and other intellectual property rights; competition in the private
education sector in China; changes in our revenues and certain cost
or expense items as a percentage of our revenues; the expected
growth of the Chinese private education market; Chinese
governmental policies relating to private educational services and
providers of such services; health epidemics and other outbreaks in
China; and general economic conditions in China. Further
information regarding these and other risks is included in our
annual report on Form 20-F and other documents filed with the
Securities and Exchange Commission. New Oriental does not undertake
any obligation to update any forward-looking statement, except as
required under applicable law. All information provided in this
press release and in the attachments is as of the date of this
press release, and New Oriental undertakes no duty to update such
information, except as required under applicable law.
About Non-GAAP Financial Measures
To supplement New Oriental's consolidated financial results
presented in accordance with GAAP, New Oriental uses the following
measures defined as non-GAAP financial measures by the SEC: net
income excluding share-based compensation expenses, operating
income excluding share-based compensation expenses, operating costs
and expenses excluding share-based compensation expenses, general
and administrative expenses excluding share-based compensation
expenses, operating margin excluding share-based compensation
expenses, and basic and diluted net income per ADS and per share
excluding share-based compensation expenses. 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 GAAP. For more
information on these non-GAAP financial measures, please see the
tables captioned "Reconciliations of non-GAAP measures to the most
comparable GAAP measures" set forth at the end of this release.
New Oriental believes that these non-GAAP financial measures
provide meaningful supplemental information regarding its
performance and liquidity by excluding share-based compensation
expenses that may not be indicative of its operating performance
from a cash perspective. New Oriental believes that both management
and investors benefit from referring to these non-GAAP financial
measures in assessing its performance and when planning and
forecasting future periods. These non-GAAP financial measures also
facilitate management's internal comparisons to New Oriental's
historical performance and liquidity. New Oriental computes its
non-GAAP financial measures using the same consistent method from
quarter to quarter. New Oriental believes these non-GAAP financial
measures are useful to investors in allowing for greater
transparency with respect to supplemental information used by
management in its financial and operational decision making. A
limitation of using these non-GAAP measures is that they exclude
share-based compensation charge that has been and will continue to
be for the foreseeable future a significant recurring expense in
our business. Management compensates for these limitations by
providing specific information regarding the GAAP amounts excluded
from each non-GAAP measure. The accompanying tables have more
details on the reconciliations between GAAP financial measures that
are most directly comparable to non-GAAP financial measures.
Contacts
For investor and media inquiries, please contact:
Ms. Cara O'Brien
FTI Consulting
Tel: +852-3768-4537
Email: cara.obrien@fticonsulting.com
Ms. Sisi Zhao
New Oriental Education and Technology Group Inc.
Tel: +86-10-6260-5568
Email: zhaosisi@xdf.cn
NEW ORIENTAL
EDUCATION & TECHNOLOGY GROUP INC.
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(In
thousands)
|
|
As of August
31
|
|
As of May
31
|
2017
|
|
2017
|
(Unaudited)
|
|
(Unaudited)
|
|
USD
|
|
USD
|
ASSETS:
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
838,910
|
|
641,018
|
Restricted cash,
current
|
44
|
|
44
|
Term
deposits
|
122,398
|
|
195,085
|
Short term
investments
|
1,413,951
|
|
1,312,942
|
Accounts receivable,
net
|
4,261
|
|
3,343
|
Inventory,
net
|
31,801
|
|
31,742
|
Prepaid expenses and
other current assets, net
|
144,643
|
|
119,397
|
Amounts due from
related parties, current
|
1,590
|
|
5,948
|
Long term investments
due within one year
|
17,630
|
|
16,743
|
Total current
assets
|
2,575,228
|
|
2,326,262
|
|
|
|
|
Property and
equipment, net
|
333,942
|
|
282,800
|
Land use rights,
net
|
3,764
|
|
3,668
|
Amounts due from
related parties, non-current
|
1,673
|
|
1,748
|
Deferred tax assets,
net
|
23,983
|
|
28,858
|
Long term
deposit
|
29,085
|
|
24,023
|
Long term prepaid
rent
|
287
|
|
849
|
Restricted cash,
non-current
|
3,379
|
|
3,608
|
Intangible assets,
net
|
3,742
|
|
4,005
|
Goodwill,
net
|
18,194
|
|
14,083
|
Long term
investments, net
|
230,299
|
|
217,259
|
Other non-current
assets
|
13,828
|
|
17,816
|
Total
assets
|
3,237,404
|
|
2,924,979
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts payable
(including accounts payable of the
consolidated VIE without recourse to New Oriental of US$24,138
and US$26,622 as of May 31, 2017 and August 31, 2017,
respectively)
|
26,882
|
|
24,258
|
Accrued expenses and
other current liabilities (including accrued
expenses and other current liabilities of the consolidated VIE
without recourse to New Oriental of US$238,864 and US$240,329
as of May 31, 2017 and August 31, 2017,
respectively)
|
283,534
|
|
260,700
|
Dividend payable
(including dividend payable of the
consolidated VIE without recourse to New Oriental of nil and
nil
as of May 31, 2017 and August 31, 2017,
respectively)
|
71,154
|
|
-
|
Income taxes payable
(including income tax payable of the
consolidated VIE without recourse to New Oriental of US$40,306
and US$55,667 as of May 31, 2017 and August 31, 2017,
respectively)
|
63,022
|
|
51,045
|
Amounts due to
related parties (including amounts due to related
parties of the consolidated VIE without recourse to New
Oriental
of US$48 and US$17 as of May 31, 2017 and August 31, 2017,
respectively)
|
17
|
|
48
|
Deferred revenue
(including deferred revenue of the
consolidated VIE without recourse to New Oriental of
US$833,932 and US$928,156 as of May 31, 2017 and August 31,
2017, respectively)
|
930,008
|
|
866,630
|
|
|
|
|
Total current
liabilities
|
1,374,617
|
|
1,202,681
|
|
|
|
|
Deferred tax
liabilities (including deferred tax liabilities of the
consolidated VIE without recourse to New Oriental of US$2,174
and US$2,716 as of May 31, 2017 and August 31, 2017,
respectively)
|
2,761
|
|
2,220
|
|
|
|
|
Total long-term
liabilities
|
2,761
|
|
2,220
|
|
|
|
|
Total
liabilities
|
1,377,378
|
|
1,204,901
|
|
|
|
|
Noncontrolling
interests
|
41,402
|
|
39,130
|
|
|
|
|
Total New
Oriental Education & Technology Group Inc.
shareholders' equity
|
1,818,624
|
|
1,680,948
|
|
|
|
|
Total
shareholders' equity
|
1,860,026
|
|
1,720,078
|
|
|
|
|
Total liabilities
and shareholders' equity
|
3,237,404
|
|
2,924,979
|
NEW ORIENTAL
EDUCATION & TECHNOLOGY GROUP INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(In thousands
except for per share and per ADS amounts)
|
|
|
|
|
For the Three
Months Ended August 31
|
|
2017
|
|
2016
|
|
(Unaudited)
|
|
(Unaudited)
|
|
USD
|
|
USD
|
Net
Revenues:
|
|
|
|
Educational programs
and services
|
604,471
|
|
494,307
|
Books and
others
|
56,694
|
|
39,762
|
Total net
revenues
|
661,165
|
|
534,069
|
|
|
|
|
Operating costs
and expenses (note 1):
|
|
|
|
Cost of
revenues
|
270,194
|
|
203,370
|
Selling and
marketing
|
73,903
|
|
58,465
|
General and
administrative
|
155,991
|
|
119,650
|
Total operating
costs and expenses
|
500,088
|
|
381,485
|
|
|
|
|
Operating
Income
|
161,077
|
|
152,584
|
|
|
|
|
Other income,
net
|
24,933
|
|
14,047
|
|
|
|
|
Provision for income
taxes
|
(26,878)
|
|
(22,711)
|
Income (Loss) from
equity method investments
|
25
|
|
(1,837)
|
Net
income
|
159,157
|
|
142,083
|
|
|
|
|
Net (gain)
attributable to the noncontrolling interests
|
(764)
|
|
(1,021)
|
|
|
|
|
Net income
attributable to New Oriental Education &
Technology Group Inc.
|
158,393
|
|
141,062
|
|
|
|
|
|
|
|
|
Net income per
share attributable to New Oriental-
Basic
|
1.00
|
|
0.90
|
|
|
|
|
Net income per
share attributable to New Oriental-
Diluted
|
1.00
|
|
0.89
|
|
|
|
|
Net income per ADS
attributable to New Oriental-Basic
(note 2)
|
1.00
|
|
0.90
|
|
|
|
|
Net income per ADS
attributable to New Oriental-
Diluted (note 2)
|
1.00
|
|
0.89
|
|
|
|
|
Other comprehensive
income (loss), net of tax
|
49,048
|
|
(15,602)
|
Comprehensive
income
|
208,205
|
|
126,481
|
Comprehensive
income attributable to New Oriental
Education & Technology Group Inc.
|
205,934
|
|
125,013
|
Notes:
|
|
|
|
|
Note 1: Share-based
compensation expenses (in thousands) are included in the
operating costs and expenses as follows:
|
|
|
|
|
|
For the Three
Months Ended August 31
|
|
2017
|
|
2016
|
|
(Unaudited)
|
|
(Unaudited)
|
|
USD
|
|
USD
|
General and
administrative
|
3,126
|
|
881
|
Total
|
3,126
|
|
881
|
|
|
|
|
|
Note 2: Each ADS
represents one common share.
|
|
|
NEW ORIENTAL
EDUCATION & TECHNOLOGY GROUP INC.
|
RECONCILIATION OF
NON-GAAP MEASURES TO THE MOST COMPARABLE GAAP
MEASURES
|
(In thousands
except for per share and per ADS amounts)
|
|
|
|
For the Three
Months Ended August 31
|
|
2017
|
|
2016
|
|
(Unaudited)
|
|
(Unaudited)
|
|
USD
|
|
USD
|
|
|
|
|
General and
administrative expenses
|
155,991
|
|
119,650
|
Share-based
compensation expense in general
and administrative expenses
|
3,126
|
|
881
|
Non-GAAP general and
administrative
expenses
|
152,865
|
|
118,769
|
|
|
|
|
Total operating costs
and expenses
|
500,088
|
|
381,485
|
Share-based
compensation expenses
|
3,126
|
|
881
|
Non-GAAP operating
costs and expenses
|
496,962
|
|
380,604
|
|
|
|
|
Operating
income
|
161,077
|
|
152,584
|
Share-based
compensation expenses
|
3,126
|
|
881
|
Non-GAAP operating
income
|
164,203
|
|
153,465
|
|
|
|
|
Operating
margin
|
24.4%
|
|
28.6%
|
Non-GAAP operating
margin
|
24.8%
|
|
28.7%
|
|
|
|
|
Net income
attributable to New Oriental
|
158,393
|
|
141,062
|
Share-based
compensation expenses
|
3,126
|
|
881
|
Non-GAAP net
income
|
161,519
|
|
141,943
|
|
|
|
|
Net income per ADS
attributable to New
Oriental- Basic (note 2)
|
1.00
|
|
0.90
|
Net income per ADS
attributable to New
Oriental- Diluted (note 2)
|
1.00
|
|
0.89
|
|
|
|
|
Non-GAAP net income
per ADS attributable
to New Oriental - Basic (note 2)
|
1.02
|
|
0.90
|
Non-GAAP net income
per ADS attributable
to New Oriental - Diluted (note 2)
|
1.02
|
|
0.90
|
|
|
|
|
Weighted average
shares used in calculating
basic net income per ADS (note 2)
|
157,983,415
|
|
157,447,723
|
Weighted average
shares used in calculating
diluted net income per ADS (note 2)
|
158,234,303
|
|
157,829,525
|
|
|
|
|
Non-GAAP income per
share - basic
|
1.02
|
|
0.90
|
Non-GAAP income per
share - diluted
|
1.02
|
|
0.90
|
|
|
|
|
Note 2: Each ADS
represents one common share.
|
View original
content:http://www.prnewswire.com/news-releases/new-oriental-announces-results-for-the-first-fiscal-quarter-ended-august-31-2017-300541828.html
SOURCE New Oriental Education and Technology Group Inc.