Total share-based compensation expenses, which were allocated to related operating costs and expenses,
increased by 6.1% to US$30.5 million in the fourth fiscal quarter of 2023.
Operating Income and Operating Margin
Operating income was US$48.1 million, compared to the loss of US$105.6 million in the same period of the prior fiscal year. Non-GAAP income from operations for the quarter was US$78.6 million, compared to the loss of US$76.9 million in the same period of the prior fiscal year.
Operating margin for the quarter was 5.6%, compared to negative 20.2% in the same period of the prior fiscal year.
Non-GAAP operating margin, which excludes share-based compensation expenses, for the quarter was 9.1%, compared to negative 14.7% in the same period of the prior fiscal year.
Net Income and Net Income per ADS
Net income
attributable to New Oriental for the quarter was US$29.0 million, compared to the loss of US$189.3 million in the same period of the prior fiscal year. Basic and diluted net income per ADS attributable to New Oriental were US$0.18 and
US$0.17, respectively.
Non-GAAP Net Income and Non-GAAP Net Income per
ADS
Non-GAAP net income attributable to New Oriental for the quarter was US$62.1 million, compared to the
loss of US$160.3 million in the same period of the prior fiscal year. Non-GAAP basic and diluted net income per ADS attributable to New Oriental were US$0.38 and US$0.37, respectively.
Cash Flow
Net operating cash inflow for the fourth
fiscal quarter of 2023 was approximately US$421.6 million and capital expenditures for the quarter were US$68.4 million.
Balance Sheet
As of May 31, 2023, New Oriental had cash and cash equivalents of US$1,663.0 million. In addition, the Company had US$1,318.5 million
in term deposits and US$1,477.8 million in short-term investment.
New Orientals deferred revenue represents cash collected upfront from
customers and related revenue will be recognized as the services or goods are delivered, at the end of the fourth quarter of fiscal year 2023 was US$1,337.6 million, an increase of 43.4% as compared to US$933.1 million at the end of the
fourth quarter of fiscal year 2022.
Financial Results for the Fiscal Year Ended May 31, 2023
For the fiscal year 2023 ended May 31, 2023, New Oriental reported net revenues of US$2,997.8 million, representing a 3.5% decrease year over year.
Operating income from operations for the fiscal year 2023 was US$190.0 million, compared to a loss of US$982.5 million for the prior
fiscal year. Non-GAAP operating income for the fiscal year 2023 was US$279.8 million, compared to loss of US$849.5 million for the prior fiscal year.
Operating margin for the fiscal year 2023 was 6.3%, compared to negative 31.6% for the prior fiscal year. Non-GAAP
operating margin, which excludes share-based compensation expenses for the fiscal year 2023, was 9.3%, compared to negative 27.4% for the prior fiscal year.
Net income attributable to New Oriental for the fiscal year 2023 was US$177.3 million, compared to a loss of US$1,187.7 million for the prior
fiscal year. Basic and diluted net income per ADS attributable to New Oriental for the fiscal year 2023 amounted to US$1.06 and US$1.03, respectively.
Non-GAAP net income attributable to New Oriental for the fiscal year 2023 was US$258.9 million, compared to a loss of US$1,046.2 million for the prior fiscal year.
Non-GAAP basic and diluted net income per ADS attributable to New Oriental for the fiscal year 2023 amounted to US$1.54 and US$1.51, respectively.