FOSHAN, China, Nov. 29,
2022 /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 the fourth fiscal
quarter and fiscal year ended August
31, 2022.
FINANCIAL PERFORMANCE HIGHLIGHTS
Fourth Fiscal Quarter Ended August 31,
2022 Financial Highlights
(in comparison to the same period of the last fiscal
year):
RMB in
million
Except EPS and
%
|
Fourth Fiscal
Quarter
Ended August 31,
2022
|
Fourth Fiscal
Quarter
Ended August 31,
2021
|
YoY
%
Change
|
Revenue
from continuing operations
|
403.9
|
320.0
|
26.2 %
|
Gross Profit
from continuing operations
|
83.8
|
48.3
|
73.4 %
|
Gross Margin from
continuing operations
|
20.7 %
|
15.1 %
|
5.6 %
|
Operating Loss from
continuing operations
|
(59.4)
|
(204.0)
|
70.9 %
|
Operating Margin from
continuing operations
|
(14.7 %)
|
(63.7 %)
|
49.0 %
|
Loss from discontinued
operations, net of tax
|
-
|
(198.9)
|
-
|
Net Loss for the
quarter
|
(99.4)
|
(478.2)
|
79.2 %
|
|
|
|
|
Adjusted Gross
Profit from continuing operations
(1)
|
87.7
|
53.0
|
65.5 %
|
Adjusted Operating
Loss from continuing operations
(2)
|
(48.8)
|
(99.2)
|
50.7 %
|
Adjusted Net
Loss (3) for the
quarter
|
(89.7)
|
(175.5)
|
48.9 %
|
Adjusted EBITDA
(4) for the
quarter
|
(47.6)
|
(29.8)
|
59.9 %
|
|
|
|
|
Basic and Diluted Loss
per Share from continuing operations
|
(0.90)
|
(2.40)
|
62.5 %
|
Basic and Diluted Loss
per Share from discontinued operations
|
-
|
(0.66)
|
-
|
Adjusted Basic and
Diluted Loss per Share (5) for the quarter
|
(0.82)
|
(1.53)
|
46.4 %
|
Basic and Diluted Loss
per ADS from continuing operations
|
(3.60)
|
(9.60)
|
62.5 %
|
Basic and Diluted Loss
per ADS from discontinued operations
|
-
|
(2.64)
|
-
|
Adjusted Basic and
Diluted Loss per ADS (6) for the quarter
|
(3.28)
|
(6.12)
|
46.4 %
|
Fiscal Year 2022 Ended August 31,
2022 Financial Highlights
(in comparison to the last fiscal year):
RMB in
million
Except EPS and
%
|
Fiscal Year
2022
Ended August 31,
2022
|
Fiscal Year
2021
Ended August 31,
2021
|
YoY
%
Change
|
Revenue
from continuing operations
|
1,714.9
|
1,401.8
|
22.3 %
|
Gross Profit
from continuing operations
|
478.1
|
221.5
|
115.8 %
|
Gross Margin from
continuing operations
|
27.9 %
|
15.8 %
|
12.1 %
|
Operating Loss from
continuing operations
|
(63.0)
|
(389.7)
|
83.8 %
|
Operating Margin from
continuing operations
|
(3.7 %)
|
(27.8 %)
|
24.1 %
|
Income from
discontinued operations, net of tax
|
-
|
369.3
|
-
|
Net Loss for the
year
|
(159.4)
|
(165.8)
|
3.8 %
|
|
|
|
|
Adjusted Gross
Profit from continuing operations
(1)
|
495.9
|
237.7
|
108.7 %
|
Adjusted Operating
Loss from continuing operations
(2)
|
(39.4)
|
(271.4)
|
85.5 %
|
Adjusted Net
Loss (3) for the
year
|
(139.6)
|
(420.2)
|
66.8 %
|
Adjusted EBITDA
(4) for the year
|
149.0
|
(30.3)
|
592.5 %
|
|
|
|
|
Basic and Diluted Loss
per Share from continuing operations
|
(1.39)
|
(4.54)
|
69.4 %
|
Basic and Diluted
Earnings per Share from discontinued operations
|
-
|
4.09
|
-
|
Adjusted Basic and
Diluted Loss per Share (5) for the year
|
(1.23)
|
(3.57)
|
65.5 %
|
Basic and Diluted Loss
per ADS from continuing operations
|
(5.56)
|
(18.16)
|
69.4 %
|
Basic and Diluted
Earnings per ADS from discontinued operations
|
-
|
16.36
|
-
|
Adjusted Basic and
Diluted Loss per ADS (6) for the year
|
(4.92)
|
(14.28)
|
65.5 %
|
1. Adjusted
gross profit/(loss) from continuing operations is defined as gross
profit/(loss) from continuing operations excluding amortization of
intangible assets.
|
2. Adjusted
operating income/(loss) from continuing operations is defined as
operating income/(loss) from continuing operations excluding
share-based compensation expense and amortization of intangible
assets, impairment loss on operating lease right-of-use assets,
impairment loss on goodwill and impairment loss on property
and equipment.
|
3. Adjusted
net income/(loss) is defined as net income/(loss) excluding
share-based compensation expense, amortization of intangible
assets, tax effect of amortization of intangible assets, impairment
loss on operating lease right-of-use assets, impairment loss on
goodwill, impairment loss on property and equipment and
income/(loss) from discontinued operations, net of tax.
|
4. Adjusted
EBITDA is defined as net income/(loss) excluding interest
income/(expense), net, income tax expense/benefit; depreciation and
amortization, share-based compensation expense, impairment loss on
operating lease right-of-use assets, impairment loss on goodwill,
impairment loss on property and equipment and income/(loss) from
discontinued operations, net of tax.
|
5. 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 expense, amortization of intangible
assets, tax effect of amortization of intangible assets, impairment
loss on operating lease right-of-use assets, impairment loss on
goodwill, impairment loss on property and equipment and
income/(loss) from discontinued operations, net of tax.) divided by
the weighted average number of basic and diluted ordinary
shares.
|
6. 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 expense,
amortization of intangible assets, tax effect of amortization of
intangible assets, impairment loss on operating lease right-of-use
assets, impairment loss on goodwill, impairment loss on property
and equipment and income/(loss) from discontinued operations, net
of tax.) divided by the weighted average number of basic and
diluted ADSs. The number of shares used in calculating basic and
diluted earnings/(loss) per ADS have been retrospectively adjusted
to reflect the ADS ratio change from
one ADS representing one Class A ordinary share to
one ADS representing four Class A ordinary shares, which
became effective on August 19, 2022.
|
For more information on
these adjusted financial measures, please see the section captioned
under "Non-GAAP Financial Measures" and the tables captioned
"Reconciliations of GAAP and Non-GAAP Results" set forth at the end
of this release.
|
Overseas Schools (CATS Global Schools)
CATS Global Schools included 4 Stafford House locations in UK, 4
CATS Colleges in US and UK, Cambridge School of Visual &
Performing Arts and 3 independent boarding schools in UK as of
August 31, 2022.
- For the fourth fiscal quarter, revenue amounted to RMB121.6 million, representing a 61.1% increase
compared to RMB75.5 million in the
same fiscal quarter last year, and accounted for 30.1% of the total
revenue for the fourth fiscal quarter.
- For the fiscal year, revenue amounted to RMB652.8 million, representing a 29.9% increase
compared to RMB502.6 million in last
fiscal year, and accounted for 38.1% of the total revenue.
Complementary Education Services
The complementary education services business comprises language
training, overseas study counselling, career counselling, study
tour and camps as well as international contest training and
others.
- For the fourth fiscal quarter, revenue amounted to RMB179.7 million, compared to RMB182.6 million in the same fiscal quarter last
year, and accounted for 44.5% of the total revenue for the fourth
fiscal quarter.
- For the fiscal year, revenue amounted to RMB636.6 million, representing a 1.8% increase
compared to RMB625.6 million for last
fiscal year, and accounted for 37.1% of the total revenue.
Domestic Kindergartens & K-12 Operation Services
The domestic kindergartens & K-12 operation services
business comprises of for-profit kindergartens and operation
services for domestic K-12 schools including catering and
procurement services.
- For the fourth fiscal quarter, revenue amounted to RMB102.6 million, representing a 65.7% increase
compared to RMB61.9 million in the
same fiscal quarter last year, and accounted for 25.4% of the total
revenue for the fourth fiscal quarter.
- For the fiscal year, revenue amounted to RMB425.5million, representing a 55.6% increase
compared to RMB273.6 million for last
fiscal year, and accounted for 24.8% of the total revenue.
"We had another solid quarter of business recovery to finish off
a challenging year," said Mr. Jerry
He, Executive Vice Chairman of Bright Scholar. "For
continuing operation in the quarter, we recorded a 26.2% growth in
revenue, significant improvement of 73.4% in gross profit, and
operating and net losses continued to narrow. On a full fiscal year
basis, revenue grew by 22.3% year-over-year, with gross profit up
by 115.8% and operating and net losses improved by 83.8% and 70.2%
year-over-year respectively."
"The fourth quarter results illustrate the gradual return of
demand for quality education as parents and students look to close
the learning gaps created by the disruption of in-person learnings
from pandemic. Revenue for Overseas School Business increased by
61.1% in the fourth quarter and 29.9% in the full fiscal year," Mr.
He commented on the performance of overseas school business. "We
are pleased with the progress of recovery, but at the same time
vigilant of the imminent energy crisis in UK and the inflationary
pressures in quarters ahead. We will continue to vigorously manage
our costs to optimize sustainable returns over the medium to long
term."
"For Complementary Education Services, the fourth fiscal quarter
proved to be more challenging than we anticipated with summer
academic terms being disrupted by regional outbreak of new COVID
variants. Revenue was down by 1.6% in the fourth fiscal quarter and
up modestly by 1.8% in fiscal year 2022," said Mr. Zi Chen, Chief Executive Officer of
Complementary Education Services. "Despite the challenging
operating environments, we are encouraged by the continuous
recovery of our overseas study counselling and career counselling
business with respective revenue increased by 35.1% and 46.7%
year-over-year for the quarter and 26.6% and 9.9% for full fiscal
2022, respectively. Our strategic blueprint remains firmly on
all-round development for students that comprised of both school
and non-school contexts critical to children's learning and
achievement," Mr. Chen concluded.
"Strong fourth quarter results reflect our focus on strategic
imperatives we put in motion to rebuild and reshape our business
that enabled us to sustain through the depths of the pandemic,"
said Ms. Wanmei Li, Chief Executive
Officer of Domestic Kindergartens & K-12 Operation Services.
"Revenue for Domestic Kindergartens & K-12 Operation Services
grew by 65.7% in the fourth fiscal quarter and 55.6% in fiscal year
2022. The business performance mainly attributed to the increase of
revenue generated from catering services and expansion of
procurement services. As of the end August
2022, we had provided catering and procurement services to
the students in a total of 24 schools and 60 kindergartens."
Mr. He concluded, "Our fiscal 2022 performance demonstrates our
continued resilience and relentless commitment to rebuild our
revenue across all of our businesses. As we continue to navigate
the dynamic macroeconomic challenges and profound shifts in
economies and societies, we have gathered momentum in reshaping and
rebuilding our businesses. The strength of our diversified
portfolio of businesses that focus on advancing quality education
services is most evident in these times of uncertainty. As we look
out to fiscal 2023, we will continue to evolve our business, think
comprehensively about how we bring quality education and all-round
development supplementary services to students and innovate ahead
of their needs, all of which will further deepen connectivity
across our platform of diversified education services. In addition,
we will continue to take steps to reduce overhead and mitigate
risks associated with inflationary cost pressures. We are firmly
committed to return to profit after impact of K-12 regulations in
China, and bringing together the
best of Bright Scholar in order to deliver better all round
education and development for our students."
RECENT DEVELOPMENTS
Regained Compliance with NYSE Minimum Price
Requirement
On March 25, 2022, the NYSE
notified the Company of its non-compliance with the NYSE's price
criteria
for continued listing standard. In order to regain compliance
with the minimum share price requirement, the Company changed the
ratio of its ADSs to its Class A ordinary shares (the "ADS Ratio"),
par value US$0.00001 per share, from
the previous ADS Ratio of one (1) ADS to one (1) Class A ordinary
share to the current ADS Ratio of one (1) ADS to four (4) Class A
ordinary shares, effective August 19,
2022. The effect of the ratio change on the ADS trading
price on the New York Stock Exchange took place at the open of
business on August 19, 2022 (U.S.
Eastern Time).
On September 1, 2022, the Company
received a confirmation from the NYSE that the Company has regained
compliance within the prescribed time, and the ADSs will continue
to be traded on the NYSE, subject to the Company's continued
compliance with all applicable continued listing criteria.
UNAUDITED FINANCIAL RESULTS for THE FoURTH FISCAL
quarter ENDED AUGUST 31,
2022
Revenue from Continuing Operations
Revenue for the fourth fiscal quarter was RMB403.9 million, representing a 26.2% increase
from RMB320.0 million for the same
quarter of the last fiscal year.
Overseas Schools: Revenue contribution for the
fourth fiscal quarter was RMB121.6
million, representing a 61.1% increase from
RMB75.5 million for the same quarter
of the last fiscal year. The increase was mainly attributable to
recovery of overseas schools' operation from pandemic.
Complementary Education Services: Revenue contribution
for the fourth fiscal quarter was RMB179.7
million, as compared to RMB182.6
million for the same quarter of the last fiscal year. The
decrease was mainly attributable to study tour and camps business
and language training being disrupted by regional outbreak of new
COVID variants.
Domestic Kindergartens & K-12 Operation
Services: Revenue contribution for the fourth fiscal
quarter was RMB102.6 million,
representing a 65.7% increase from RMB61.9
million for the same quarter of the last fiscal year. The
increase was mainly attributable to the increase of catering
services revenues and expansion of procurement service.
We have continued to provide essential services without
recognizing any revenues relating to such activities to schools
provide compulsory education in our discontinued operations, which
are key to the normal daily operation of such schools.
Cost of Revenue from Continuing Operations
Cost of revenue for the fourth fiscal quarter was RMB320.1
million, as compared to RMB271.7 million for the same
quarter of last fiscal year.
Gross Profit, Gross Margin and Adjusted Gross Profit from
Continuing Operations
Gross profit for the fourth fiscal quarter was RMB83.8 million, representing a 73.4% increase
from RMB48.3 million for the same
quarter of the last fiscal year. Gross margin increased to
20.7% from 15.1% for the same quarter of the last fiscal year.
The increase was mainly due to the recovery of overseas
business.
Adjusted gross profit for the fourth fiscal quarter was
RMB87.7 million, representing a 65.5%
increase from RMB53.0 million for the
same quarter of the last fiscal year.
Selling, General and Administrative Expenses from Continuing
Operations
Total SG&A expenses for the fourth fiscal quarter were
RMB137.8 million, representing a
13.0% decrease from RMB158.5 million
for the same period quarter of the last fiscal year. The
decrease in SG&A expenses was mainly due to vigorously costs
management across all of our business segments.
Operating Loss, Operating Margin and Adjusted Operating Loss
from Continuing Operations
Operating loss for the fourth fiscal quarter was RMB59.4 million, representing a 70.9% decrease
from operating loss of RMB204.0
million for the same quarter of the last fiscal
year. Operating loss margin was 14.7% for the fourth fiscal
quarter, as compared to operating loss margin of 63.7% for the same
quarter of the last fiscal year.
Adjusted operating loss for the fourth fiscal quarter was
RMB48.8 million, representing a 50.7%
decrease from adjusted operating loss of RMB99.2 million for the same quarter of
the last fiscal year.
Net Loss and Adjusted Net Loss
Net loss for the fourth fiscal quarter was RMB99.4 million,
representing a 64.4% decrease in loss from net loss of RMB279.3 million from continuing operations for
the same quarter of the last fiscal year. Net loss was
RMB478.2 million for the same quarter
of the last fiscal year, which includes net loss of
RMB279.3 million from continuing
operations and net loss of RMB198.9
million from discontinued operations. The management of the
Company noted that the Company's market capitalization has been
lower than its net assets and is closely monitoring the possibility
of the impairment of goodwill and intangible assets.
Adjusted net loss for the fourth fiscal quarter was RMB89.7 million, representing a decrease of 48.9%
from adjusted net loss of RMB175.5
million for the same quarter of the last fiscal
year.
Net Loss per ordinary share/ADS and Adjusted Net Loss per
ordinary share/ADS
Basic and diluted net loss per ordinary share attributable
to ordinary shareholders from continuing operations for the
fourth fiscal quarter were RMB0.90 and RMB0.90,
respectively, as compared to loss of RMB2.40 and RMB2.40, respectively, for the same quarter of
the last fiscal year.
Adjusted basic and diluted net loss per ordinary
share attributable to ordinary shareholders for the fourth
fiscal quarter were RMB0.82 and RMB0.82, respectively, as
compared to loss of RMB1.53 and
RMB1.53, respectively, for the same
quarter of the last fiscal year.
Basic and diluted net loss per ADS attributable to ADS holders
from continuing operations for the fourth fiscal quarter
were RMB3.60 and RMB3.60, respectively, as compared to
loss of RMB9.60 and RMB9.60, respectively, for the same quarter of
the last fiscal year.
Adjusted basic and diluted net loss per ADS attributable to ADS
holders for the fourth fiscal quarter were RMB3.28
and RMB3.28, respectively, as compared to loss of RMB6.12 and RMB6.12, respectively, for the same quarter of
the last fiscal year.
Adjusted EBITDA Loss
Adjusted EBITDA loss for the fourth fiscal quarter was
RMB47.6 million, representing a
decrease of 59.9% from adjusted EBITDA loss of RMB29.8 million for the same quarter of
the last fiscal year.
UNAUDITED FINANCIAL RESULTS for The fiscal
year ENDED august 31,
2022
Revenue from Continuing Operations
Revenue for the fiscal year was RMB1,714.9 million, representing a 22.3% increase
from RMB1,401.8 million for last
fiscal year.
Overseas Schools: Revenue contribution for the
fiscal year was RMB652.8 million,
representing a 29.9% increase from RMB502.6 million for the last fiscal year. The
increase was mainly attributable to recovery of overseas schools'
operation from pandemic.
Complementary Education Services: Revenue contribution
for the fiscal year was RMB636.6
million. It represented a 1.8% increase from RMB625.6 million for the last fiscal year. The
increase was mainly attributable to the recovery of overseas study
counselling and career counselling business.
Domestic Kindergartens & K-12 Operation
Services: Revenue contribution for the fiscal year was
RMB425.5 million, representing a
55.6% increase from RMB273.6 million
for the last fiscal year. The increase was mainly due to the
increase of catering services revenues and expansion of procurement
services.
We have continued to provide essential services without
recognizing any revenues relating to such activities to schools
that provide compulsory education in our discontinued operations,
which are key to the normal daily operation of such schools.
Cost of Revenue from Continuing Operations
Cost of revenue for the fiscal year was RMB1,236.8 million,
as compared to RMB1,180.3 million for the last fiscal
year.
Gross Profit, Gross Margin and Adjusted Gross Profit from
Continuing Operations
Gross profit for the fiscal year was RMB478.1 million, representing a 115.8% increase
from RMB221.5 million for the last
fiscal year. Gross margin increased to 27.9% from 15.8% for the
last fiscal year. The increase was mainly attributable to the
continuous recovery of our overseas business, our overseas study
counselling and career counselling businesses.
Adjusted gross profit for the fiscal year was RMB495.9 million, representing a 108.7% increase
from RMB237.7 million for the last
fiscal year.
Selling, General and Administrative Expenses from
Continuing Operations
Total SG&A expenses for the fiscal year were RMB539.9 million, as compared to RMB535.9 million for the last fiscal
year.
Operating Loss, Operating Margin and Adjusted Operating Loss
from Continuing Operations
Operating loss for the fiscal year was RMB63.0 million, representing an 83.8% decrease
in loss from operating loss of RMB389.7
million for the last fiscal year. Operating loss margin
was 3.7% for the fiscal year, as compared to operating loss margin
of 27.8% for the last fiscal year.
Adjusted operating loss for the fiscal year was RMB39.4 million, representing an 85.5% decrease
in loss from adjusted operating loss of RMB271.4 million for the last fiscal
year.
Net Loss and Adjusted Net Loss
Net loss for the fiscal year was RMB159.4 million,
representing a 70.2% decrease in loss from net loss of RMB535.1 million from continuing operations for
the last fiscal year. Net loss was RMB165.8 million for the last fiscal year, which
includes net loss of RMB535.1 million
from continuing operations and net income of RMB369.3 million from discontinued
operations.
Adjusted net loss for the fiscal year was RMB139.6 million, representing a decrease of
66.8% from adjusted net loss of RMB420.2 for the last fiscal year.
Net Loss per ordinary share/ADS and Adjusted Net Loss per
ordinary share/ADS
Basic and diluted net loss per ordinary share attributable
to ordinary shareholders from continuing operations for the
fiscal year were RMB1.39 and RMB1.39, respectively, as
compared to loss of RMB4.54 and
RMB4.54, respectively, for the last
fiscal year.
Adjusted basic and diluted net loss per ordinary
share attributable to ordinary shareholders for the fiscal
year were RMB1.23 and RMB1.23, respectively, as compared
to loss of RMB3.57 and RMB3.57, respectively, for the last fiscal
year.
Basic and diluted net loss per ADS attributable to ADS holders
from continuing operations for the fiscal year were RMB5.56
and RMB5.56, respectively, as compared to loss of RMB18.16 and RMB18.16, respectively, for the last fiscal
year.
Adjusted basic and diluted net loss per ADS attributable to ADS
holders for the fiscal year were RMB4.92 and RMB4.92,
respectively, as compared to loss of RMB14.28 and RMB14.28, respectively, for the last fiscal
year.
Adjusted EBITDA
Adjusted EBITDA for the fiscal year was RMB149.0 million, representing a 592.5% increase
from adjusted EBITDA loss of RMB30.3
million for the last fiscal year.
Cash and Working Capital
As of August 31, 2022, the
Company's cash and cash equivalents and restricted cash, were
RMB857.8 million (US$124.5 million), as compared to RMB1,371.6 million as of May 31, 2022. The company redeemed all of its
outstanding senior notes matured on July 31,
2022 with a total redemption price of US$232.3 million, which consists of principle
amount and interest.
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 and
fiscal year ended August 31, 2022 are
solely for the convenience of the readers and were calculated at
the rate of US$1.00=RMB6.8890, representing the noon buying rate set
forth in the H.10 statistical release of the U.S. Federal Reserve
Board on August 31, 2022. No
representation is made that the RMB amounts could have been, or
could be, converted, realized or settled into US$ at that rate on
August 31, 2022 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
expense, impairment loss on operating lease right-of-use
assets, impairment loss on goodwill, impairment loss on
property and equipment and income/(loss) from discontinued
operations, net of tax. We define adjusted net income/(loss)
as net income/(loss) excluding share-based compensation expense,
amortization of intangible assets, tax effect of amortization of
intangible assets, impairment loss on operating lease
right-of-use assets, impairment loss on goodwill, impairment
loss on property and equipment 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 expense
and amortization of intangible assets, impairment loss on operating
lease right-of-use assets, impairment loss on goodwill and
impairment loss on property and equipment. 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 expense,
amortization of intangible assets, tax effect of amortization of
intangible assets, impairment loss on operating lease right-of-use
assets, impairment loss on goodwill, impairment loss on property
and equipment 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, due to the impact of the amended
Implementation Regulations of the Law on the Promotion of Private
Education of the People's Republic of
China (the "Implementation Rules"), the Affected
Entities (7) deconsolidated
is classified 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 expense, and without
considering the impact of non-operating items such as interest
income/(expense), net; income tax expense/benefit; share-based
compensation expense; 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; and income/(loss) from discontinued operations, 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.
7. Affected
Entities refers to private schools, entities holding such private
schools as well as other enterprises within China that are affected
by the Implementation Rules effective on September 1,
2021.
|
About Bright Scholar Education Holdings
Limited
Bright Scholar is a global premier education service company,
which primarily provides quality international education to global
students and equip them with the critical academic foundation and
skillsets necessary to succeed in the pursuit of higher education.
Bright Scholar also complements its international offerings with
Chinese government-mandated curriculum for students who wish to
maintain the option of pursuing higher education in China.
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:
GCM Strategic
Communications
Email: BEDU.IR@gcm.international
Media Contact:
Email: media@brightscholar.com
Phone: +86-757-6683-2507
BRIGHT SCHOLAR
EDUCATION HOLDINGS LIMITED
|
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(Amounts in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
As of
|
|
|
|
August
31,
|
|
August
31,
|
|
|
|
2021
|
|
2022
|
|
|
|
RMB
|
|
RMB
|
|
USD
|
ASSETS
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
844,684
|
|
664,769
|
|
96,497
|
|
|
Restricted
cash
|
669,029
|
|
191,365
|
|
27,778
|
|
|
Accounts receivable,
net
|
41,723
|
|
19,084
|
|
2,770
|
|
|
Amounts due from
related parties, net
|
15,087
|
|
196,626
|
|
28,542
|
|
|
Other receivables,
deposits and other assets, net
|
81,119
|
|
114,151
|
|
16,571
|
|
|
Inventories
|
7,579
|
|
6,869
|
|
997
|
|
|
Amount due from
affected entities (1), net
|
2,028,866
|
|
-
|
|
-
|
|
Total current
assets
|
3,688,087
|
|
1,192,864
|
|
173,155
|
|
|
Restricted cash - non
current
|
1,450
|
|
1,650
|
|
240
|
|
|
Property and equipment,
net
|
519,452
|
|
404,534
|
|
58,722
|
|
|
Intangible assets,
net
|
485,822
|
|
430,495
|
|
62,490
|
|
|
Goodwill,
net
|
1,950,186
|
|
1,832,296
|
|
265,974
|
|
|
Long-term
investments
|
75,443
|
|
40,486
|
|
5,877
|
|
|
Prepayment for
construction contract
|
5,974
|
|
4,894
|
|
710
|
|
|
Deferred tax assets,
net
|
64,096
|
|
85,103
|
|
12,354
|
|
|
Other non-current
assets, net
|
68,217
|
|
15,343
|
|
2,226
|
|
|
Operating lease
right-of-use assets
|
1,773,773
|
|
1,461,333
|
|
212,126
|
|
Total non-current
assets
|
4,944,413
|
|
4,276,134
|
|
620,719
|
TOTAL
ASSETS
|
8,632,500
|
|
5,468,998
|
|
793,874
|
|
|
|
|
|
|
|
|
1. The Affected
Entities were deconsolidated on August 31, 2021, and became the
related parties of the Company since September 1,
2021.
|
BRIGHT SCHOLAR
EDUCATION HOLDINGS LIMITED
|
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS-CONTINUED
|
(Amounts in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
As of
|
|
|
|
August
31,
|
|
August
31,
|
|
|
|
2021
|
|
2022
|
|
|
|
RMB
|
|
RMB
|
|
USD
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
Accounts payable
(including accounts payable of the consolidated VIEs without
recourse to Bright Scholar of RMB 10,941 and
RMB 6,154 as of August 31, 2021
and August 31, 2022, respectively)
|
73,411
|
|
100,229
|
|
14,549
|
|
|
Amounts due to related
parties (including amounts due to related parties of the
consolidated VIEs without recourse to Bright
Scholar of RMB 5,641 and RMB
294,164 as of August 31, 2021 and August 31,
2022, respectively)
|
40,445
|
|
343,032
|
|
49,794
|
|
|
Accrued expenses and
other current liabilities (including accrued expenses and other
current liabilities of the consolidated VIEs
without recourse to Bright Scholar of
RMB 13,876 and RMB 27,790 as of August 31, 2021
and August 31, 2022, respectively)
|
234,036
|
|
259,267
|
|
37,636
|
|
|
Short-term loans
(including short- term loans of the consolidated VIEs without
recourse to Bright Scholar of RMB nil and RMB
nil as of August 31, 2021 and
August 31, 2022, respectively)
|
753,754
|
|
149,239
|
|
21,663
|
|
|
Bond payable
(including bond payable of the consolidated VIEs without recourse
to
Bright Scholar of RMB nil and RMB nil as of
August 31, 2021 and August 31,
2022, respectively)
|
1,836,362
|
|
-
|
|
-
|
|
|
Income tax payable
(including income tax payable of the consolidated VIEs
without recourse to Bright Scholar of RMB
19,091 and RMB 19,983 as of August 31,
2021 and August 31, 2022,
respectively)
|
178,213
|
|
85,856
|
|
12,463
|
|
|
Contract liabilities
(including contract liabilities of the consolidated VIEs
without recourse to Bright Scholar of RMB
139,126 and RMB 107,494 as of August
31, 2021 and August 31, 2022,
respectively)
|
425,954
|
|
516,731
|
|
75,008
|
|
|
Refund liabilities
(including refund liabilities of the consolidated VIEs
without recourse to Bright Scholar of RMB
10,398 and RMB 9,458 as of August
31, 2021 and August 31, 2022,
respectively)
|
32,362
|
|
20,517
|
|
2,978
|
|
|
Operating lease
liabilities (including operating lease liabilities of the
consolidated
VIEs without recourse to Bright Scholar of RMB
12,005 and RMB 20,779 as of
August 31, 2021 and August 31, 2022,
respectively)
|
123,215
|
|
106,629
|
|
15,478
|
|
|
Amounts due to affected
entities (including Amounts due to affected entities of the
consolidated VIEs without recourse to Bright
Scholar of RMB 276,378 and RMB
nil as of August 31, 2021 and August 31, 2022,
respectively)
|
333,270
|
|
-
|
|
-
|
|
Total current
liabilities
|
4,031,022
|
|
1,581,500
|
|
229,569
|
|
|
Contract liabilities –
non current (including contract liabilities – non current of
the
consolidated VIEs without recourse to Bright
Scholar of RMB 1,084 and RMB
1,108 as of August 31, 2021 and August 31,
2022, respectively)
|
1,421
|
|
2,203
|
|
320
|
|
|
Deferred tax
liabilities, net (including deferred tax liabilities, net of the
consolidated
VIEs without recourse to Bright Scholar of RMB
9,561 and RMB 9,551 as of
August 31, 2021 and August 31, 2022,
respectively)
|
26,744
|
|
21,707
|
|
3,151
|
|
|
Other non-current
liabilities due to related parties (including other non-current
liabilities due to related parties of the
consolidated VIEs without recourse to Bright
Scholar of RMB 13,154 and RMB 11,197 as of
August 31, 2021 and August 31,
2022, respectively)
|
13,154
|
|
11,197
|
|
1,625
|
|
|
Long-term loans
(including long-term loans of the consolidated VIEs without
recourse to Bright Scholar of RMB nil and RMB
nil as of August 31, 2021 and
August 31, 2022, respectively)
|
616
|
|
633
|
|
92
|
|
|
Operating lease
liabilities – non current (including operating lease liabilities –
non
current of the consolidated VIEs without
recourse to Bright Scholar of RMB
83,475 and RMB 72,464 as of August 31, 2021 and
August 31, 2022, respectively)
|
1,752,667
|
|
1,438,449
|
|
208,804
|
|
Total non-current
liabilities
|
1,794,602
|
|
1,474,189
|
|
213,992
|
TOTAL
LIABILITIES
|
5,825,624
|
|
3,055,689
|
|
443,561
|
|
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
|
|
|
Share
capital
|
8
|
|
8
|
|
1
|
|
|
Additional paid-in
capital
|
1,727,020
|
|
1,693,358
|
|
245,806
|
|
|
Statutory
reserves
|
2,531
|
|
14,873
|
|
2,159
|
|
|
Accumulated other
comprehensive income
|
168,324
|
|
8,076
|
|
1,172
|
|
|
Accumulated retained
earnings
|
648,944
|
|
471,353
|
|
68,421
|
|
Shareholders'
equity
|
2,546,827
|
|
2,187,668
|
|
317,559
|
|
Non-controlling
interests
|
260,049
|
|
225,641
|
|
32,754
|
|
Total
equity
|
2,806,876
|
|
2,413,309
|
|
350,313
|
TOTAL LIABILITIES
AND EQUITY
|
8,632,500
|
|
5,468,998
|
|
793,874
|
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,
|
|
Twelve Months Ended August 31,
|
|
2021
|
|
2022
|
|
2021
|
|
2022
|
|
RMB
|
|
RMB
|
|
USD
|
|
RMB
|
|
RMB
|
|
USD
|
Continuing
operations
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
320,021
|
|
403,855
|
|
58,623
|
|
1,401,780
|
|
1,714,909
|
|
248,934
|
Cost of
revenue
|
(271,701)
|
|
(320,057)
|
|
(46,459)
|
|
(1,180,263)
|
|
(1,236,799)
|
|
(179,532)
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
48,320
|
|
83,798
|
|
12,164
|
|
221,517
|
|
478,110
|
|
69,402
|
Selling, general and
administrative expenses
|
(158,504)
|
|
(137,825)
|
|
(20,007)
|
|
(535,878)
|
|
(539,893)
|
|
(78,370)
|
Impairment loss on
goodwill
|
(84,730)
|
|
-
|
|
-
|
|
(84,730)
|
|
-
|
|
-
|
Impairment loss on
operating lease right-of use assets
|
(15,575)
|
|
-
|
|
-
|
|
(15,575)
|
|
-
|
|
-
|
Impairment loss on
property and equipment
|
-
|
|
(6,586)
|
|
(956)
|
|
-
|
|
(6,586)
|
|
(956)
|
Other operating
income
|
6,508
|
|
1,252
|
|
182
|
|
24,969
|
|
5,339
|
|
775
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
loss
|
(203,981)
|
|
(59,361)
|
|
(8,617)
|
|
(389,697)
|
|
(63,030)
|
|
(9,149)
|
Interest expense,
net
|
(47,330)
|
|
(17,093)
|
|
(2,481)
|
|
(169,693)
|
|
(127,840)
|
|
(18,557)
|
Investment
income
|
42,169
|
|
28,200
|
|
4,093
|
|
129,575
|
|
135,309
|
|
19,641
|
Other
expenses
|
(3,035)
|
|
9
|
|
1
|
|
(10,137)
|
|
(5,220)
|
|
(759)
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before income
taxes and share of equity in loss of
unconsolidated affiliates
|
(212,177)
|
|
(48,245)
|
|
(7,004)
|
|
(439,952)
|
|
(60,781)
|
|
(8,824)
|
Income tax
expense
|
(66,664)
|
|
(11,667)
|
|
(1,694)
|
|
(94,176)
|
|
(58,919)
|
|
(8,553)
|
Share of equity in loss
of unconsolidated affiliates
|
(410)
|
|
(39,515)
|
|
(5,736)
|
|
(1,018)
|
|
(39,747)
|
|
(5,770)
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from continuing
operations
|
(279,251)
|
|
(99,427)
|
|
(14,434)
|
|
(535,146)
|
|
(159,447)
|
|
(23,147)
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued
operations
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/income from
discontinued operations, net of tax
|
(198,941)
|
|
-
|
|
-
|
|
369,343
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
(478,192)
|
|
(99,427)
|
|
(14,434)
|
|
(165,803)
|
|
(159,447)
|
|
(23,147)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income/(loss)
attributable to non-controlling interests
|
|
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
6,875
|
|
7,556
|
|
1,097
|
|
5,622
|
|
5,803
|
|
842
|
Discontinued
operations
|
(120,316)
|
|
-
|
|
-
|
|
(118,620)
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/ income
attributable to ordinary
shareholders
|
|
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
(286,126)
|
|
(106,983)
|
|
(15,531)
|
|
(540,768)
|
|
(165,250)
|
|
(23,989)
|
Discontinued
operations
|
(78,625)
|
|
-
|
|
-
|
|
487,963
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/earnings
per share attributable to ordinary shareholders
|
|
|
|
|
|
|
|
|
|
|
|
—Basic
|
|
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
(2.40)
|
|
(0.90)
|
|
(0.13)
|
|
(4.54)
|
|
(1.39)
|
|
(0.20)
|
Discontinued
operations
|
(0.66)
|
|
-
|
|
-
|
|
4.09
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
—Diluted
|
|
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
(2.40)
|
|
(0.90)
|
|
(0.13)
|
|
(4.54)
|
|
(1.39)
|
|
(0.20)
|
Discontinued
operations
|
(0.66)
|
|
-
|
|
-
|
|
4.09
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares used in calculating
net (loss)/earnings per ordinary share:
|
|
|
|
|
|
|
|
|
|
|
—Basic
|
|
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
118,983,474
|
|
118,669,795
|
|
118,669,795
|
|
119,220,331
|
|
118,697,495
|
|
118,697,495
|
Discontinued
operations
|
118,983,474
|
|
-
|
|
-
|
|
119,220,331
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
—Diluted
|
|
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
118,983,474
|
|
118,669,795
|
|
118,669,795
|
|
119,220,331
|
|
118,697,495
|
|
118,697,495
|
Discontinued
operations
|
118,983,474
|
|
-
|
|
-
|
|
119,220,331
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/earnings
per ADS
|
|
|
|
|
|
|
|
|
|
|
|
—Basic
|
|
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
(9.60)
|
|
(3.60)
|
|
(0.52)
|
|
(18.16)
|
|
(5.56)
|
|
(0.80)
|
Discontinued
operations
|
(2.64)
|
|
-
|
|
-
|
|
16.36
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
—Diluted
|
|
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
(9.60)
|
|
(3.60)
|
|
(0.52)
|
|
(18.16)
|
|
(5.56)
|
|
(0.80)
|
Discontinued
operations
|
(2.64)
|
|
-
|
|
-
|
|
16.36
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
2021
|
|
2022
|
|
2021
|
|
2022
|
|
RMB
|
|
RMB
|
|
USD
|
|
RMB
|
|
RMB
|
|
USD
|
Net cash generated from
operating activities
|
842,770
|
|
165,485
|
|
24,021
|
|
698,808
|
|
45,497
|
|
6,604
|
Net cash (used in)/
generated from investing activities
|
(558,856)
|
|
310,193
|
|
45,027
|
|
(3,079,036)
|
|
(836,769)
|
|
(121,465)
|
Net cash (used
in)/generated from financing activities
|
(468,702)
|
|
(1,001,420)
|
|
(145,365)
|
|
(446,534)
|
|
101,383
|
|
14,717
|
Effect of exchange rate
changes on cash and cash equivalents, and restricted
cash
|
31,861
|
|
11,936
|
|
1,733
|
|
(82,012)
|
|
32,510
|
|
4,720
|
Net change in cash and
cash equivalents, and restricted cash
|
(152,927)
|
|
(513,806)
|
|
(74,584)
|
|
(2,908,774)
|
|
(657,379)
|
|
(95,424)
|
Cash and cash
equivalents, and restricted cash at beginning of the
period
|
1,668,090
|
|
1,371,590
|
|
199,099
|
|
4,423,937
|
|
1,515,163
|
|
219,939
|
Cash and cash
equivalents, and restricted cash at end of the period
|
1,515,163
|
|
857,784
|
|
124,515
|
|
1,515,163
|
|
857,784
|
|
124,515
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
Twelve Months Ended
August 31,
|
|
|
2021
|
|
2022
|
|
2021
|
|
2022
|
|
|
RMB
|
|
RMB
|
|
USD
|
|
RMB
|
|
RMB
|
|
USD
|
Gross profit from
continuing operations
|
48,320
|
|
83,798
|
|
12,164
|
|
221,517
|
|
478,110
|
|
69,402
|
|
Add: Amortization of
intangible assets
|
4,680
|
|
3,931
|
|
571
|
|
16,141
|
|
17,814
|
|
2,586
|
Adjusted gross
profit from continuing operations
|
53,000
|
|
87,729
|
|
12,735
|
|
237,658
|
|
495,924
|
|
71,988
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss from
continuing operations
|
(203,981)
|
|
(59,361)
|
|
(8,617)
|
|
(389,697)
|
|
(63,030)
|
|
(9,149)
|
|
Add: Share-based
compensation expense
|
(167)
|
|
-
|
|
-
|
|
1,865
|
|
(816)
|
|
(118)
|
|
Add: Amortization of
intangible assets
|
4,680
|
|
3,931
|
|
571
|
|
16,141
|
|
17,814
|
|
2,586
|
|
Add: Impairment loss on
operating lease right-of-use assets
|
15,575
|
|
-
|
|
-
|
|
15,575
|
|
-
|
|
-
|
|
Add: Impairment loss on
goodwill
|
84,730
|
|
-
|
|
-
|
|
84,730
|
|
-
|
|
-
|
|
Add: Impairment loss on
property and equipment
|
-
|
|
6,586
|
|
956
|
|
-
|
|
6,586
|
|
956
|
Adjusted operating
loss from continuing operations
|
(99,163)
|
|
(48,844)
|
|
(7,090)
|
|
(271,386)
|
|
(39,446)
|
|
(5,725)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
(478,192)
|
|
(99,427)
|
|
(14,434)
|
|
(165,803)
|
|
(159,447)
|
|
(23,147)
|
|
Add: Share-based
compensation expense
|
(167)
|
|
-
|
|
-
|
|
1,865
|
|
(816)
|
|
(118)
|
|
Add: Amortization of
intangible assets
|
4,680
|
|
3,931
|
|
571
|
|
16,141
|
|
17,814
|
|
2,586
|
|
Add: Tax effect of
amortization of intangible assets
|
(1,029)
|
|
(811)
|
|
(118)
|
|
(3,343)
|
|
(3,764)
|
|
(546)
|
|
Add: Impairment
loss on operating lease right-of-use assets
|
15,575
|
|
-
|
|
-
|
|
15,575
|
|
-
|
|
-
|
|
Add: Impairment loss on
goodwill
|
84,730
|
|
-
|
|
-
|
|
84,730
|
|
-
|
|
-
|
|
Add: Impairment loss on
property and equipment
|
-
|
|
6,586
|
|
956
|
|
-
|
|
6,586
|
|
956
|
|
Less: (Loss)/income
from discontinued operations, net of tax
|
(198,941)
|
|
-
|
|
-
|
|
369,343
|
|
-
|
|
-
|
Adjusted net
loss
|
(175,462)
|
|
(89,721)
|
|
(13,025)
|
|
(420,178)
|
|
(139,627)
|
|
(20,269)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
attributable to ordinary shareholders
|
(364,751)
|
|
(106,983)
|
|
(15,531)
|
|
(52,805)
|
|
(165,250)
|
|
(23,989)
|
|
Add: Share-based
compensation expense
|
(167)
|
|
-
|
|
-
|
|
1,865
|
|
(816)
|
|
(118)
|
|
Add: Amortization of
intangible assets
|
4,680
|
|
3,931
|
|
571
|
|
16,141
|
|
17,814
|
|
2,586
|
|
Add: Tax effect of
amortization of intangible assets
|
(1,029)
|
|
(811)
|
|
(118)
|
|
(3,343)
|
|
(3,764)
|
|
(546)
|
|
Add: Impairment loss on
operating lease right-of-use assets
|
15,575
|
|
-
|
|
-
|
|
15,575
|
|
-
|
|
-
|
|
Add: Impairment loss on
goodwill
|
84,730
|
|
-
|
|
-
|
|
84,730
|
|
-
|
|
-
|
|
Add: Impairment loss on
property and equipment
|
-
|
|
6,586
|
|
956
|
|
-
|
|
6,586
|
|
956
|
|
Less: (Loss)/income
from discontinued operations, net of tax
|
(78,625)
|
|
-
|
|
-
|
|
487,963
|
|
-
|
|
-
|
Adjusted net loss
attributable to ordinary shareholders
|
(182,337)
|
|
(97,277)
|
|
(14,122)
|
|
(425,800)
|
|
(145,430)
|
|
(21,111)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
(478,192)
|
|
(99,427)
|
|
(14,434)
|
|
(165,803)
|
|
(159,447)
|
|
(23,147)
|
|
Add: Interest expense,
net
|
47,330
|
|
17,093
|
|
2,481
|
|
169,693
|
|
127,840
|
|
18,557
|
|
Add: Income tax
expense
|
66,664
|
|
11,667
|
|
1,694
|
|
94,176
|
|
58,919
|
|
8,553
|
|
Add: Depreciation and
amortization
|
35,325
|
|
16,442
|
|
2,387
|
|
138,847
|
|
115,934
|
|
16,829
|
|
Add: Share-based
compensation expense
|
(167)
|
|
-
|
|
-
|
|
1,865
|
|
(816)
|
|
(118)
|
|
Add: Impairment loss on
operating lease right-of-use assets
|
15,575
|
|
-
|
|
-
|
|
15,575
|
|
-
|
|
-
|
|
Add: Impairment loss on
goodwill
|
84,730
|
|
-
|
|
-
|
|
84,730
|
|
-
|
|
-
|
|
Add: Impairment loss on
property and equipment
|
-
|
|
6,586
|
|
956
|
|
-
|
|
6,586
|
|
956
|
|
Less: (Loss)/income
from discontinued operations, net of tax
|
(198,941)
|
|
-
|
|
-
|
|
369,343
|
|
-
|
|
-
|
Adjusted
EBITDA
|
(29,794)
|
|
(47,639)
|
|
(6,916)
|
|
(30,260)
|
|
149,016
|
|
21,630
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares used in calculating adjusted net loss per ordinary
share:
|
|
|
|
|
|
|
|
|
|
|
—Basic and Diluted
|
|
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
118,983,474
|
|
118,669,795
|
|
118,669,795
|
|
119,220,331
|
|
118,697,495
|
|
118,697,495
|
Discontinued
operations
|
118,983,474
|
|
-
|
|
-
|
|
119,220,331
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net loss
per share attributable to ordinary shareholders
|
|
|
|
|
|
|
|
|
|
|
—Basic
|
|
(1.53)
|
|
(0.82)
|
|
(0.12)
|
|
(3.57)
|
|
(1.23)
|
|
(0.18)
|
—Diluted
|
(1.53)
|
|
(0.82)
|
|
(0.12)
|
|
(3.57)
|
|
(1.23)
|
|
(0.18)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net loss
per ADS
|
|
|
|
|
|
|
|
|
|
|
|
—Basic
|
|
(6.12)
|
|
(3.28)
|
|
(0.48)
|
|
(14.28)
|
|
(4.92)
|
|
(0.72)
|
—Diluted
|
(6.12)
|
|
(3.28)
|
|
(0.48)
|
|
(14.28)
|
|
(4.92)
|
|
(0.72)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/bright-scholar-announces-unaudited-financial-results-for-the-fourth-fiscal-quarter-and-fiscal-year-2022-301689620.html
SOURCE Bright Scholar Education Holdings Ltd.