FOSHAN, China, June 9, 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 six months of fiscal 2022 ended
February 28, 2022.
FISCAL SIX MONTHS 2022 FINANCIAL PERFORMANCE
HIGHLIGHTS
Six Months Ended February 28,
2022 (in comparison to the same period of the last
fiscal year):
RMB in
million
Except EPS and
%
|
Six
Months
Ended February 28,
2022
|
Six
Months
Ended February 28,
2021
|
YoY
%
Change
|
Revenue
from continuing operations
|
873.5
|
719.3
|
21.4%
|
Gross Profit
from continuing operations
|
258.9
|
120.8
|
114.4%
|
Gross Margin from
continuing operations
|
29.6%
|
16.8%
|
12.8%
|
Operating Loss from
continuing operations
|
(22.9)
|
(115.6)
|
80.2%
|
Income from
discontinued operations, net of tax
|
-
|
310.1
|
(100.0%)
|
Net
(Loss)/Income
|
(52.9)
|
148.5
|
(135.6%)
|
|
|
|
|
Adjusted Gross
Profit from continuing operations
(1)
|
268.3
|
128.0
|
109.5%
|
Adjusted Operating
Loss from continuing operations
(2)
|
(14.4)
|
(106.9)
|
86.5%
|
Adjusted Net
Loss (3)
|
(46.4)
|
(154.5)
|
70.0%
|
Adjusted EBITDA
(4)
|
127.7
|
(3.7)
|
3,577.6%
|
|
|
|
|
Basic and Diluted Loss
per Share from continuing operations
|
(0.42)
|
(1.41)
|
70.2%
|
Basic and Diluted
(Loss)/earnings per Share from discontinued operations
|
-
|
2.60
|
-
|
Adjusted Basic and
Diluted Loss per Share (5) for the period
|
(0.36)
|
(1.35)
|
73.3%
|
______________________________________________________________________________________________
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.
|
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, 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 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 and
income/(loss) from discontinued operations, net of tax.) divided by
the weighted average number of basic and diluted ordinary shares or
American depositary shares (each an "ADS"), each representing one
Class A ordinary share of the Company, on an as-converted
basis.
|
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 include 4 Stafford House locations in UK and
Canada, 4 CATS Colleges in US and
UK, Cambridge School of Visual & Performing Arts and 3
independent boarding schools in UK as of February 28, 2022.
- For the six-month period, revenue increased 20.5% and amounted
to RMB343.3 million, compared to
RMB284.8 million in the same period
of last fiscal year, and accounted for 39.3% 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 six-month period, revenue amounted to RMB318.9 million, representing a 7.9% increase
compared to RMB295.5 million for the
same period of last fiscal year, and accounted for 36.5% 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 six-month period, revenue amounted to RMB211.3 million, representing a 52.1% increase
compared to RMB139.0 million for the
same period of last fiscal year, and accounted for 24.2% of the
total revenue.
UNAUDITED FINANCIAL RESULTS for FISCAL SIX
Months ENDED February 28,
2022
Revenue from Continuing Operations
Revenue for the period was RMB873.5
million, representing a 21.4% increase from RMB719.3 million for the same period of the last
fiscal year.
Overseas Schools: Revenue contribution for the
period was RMB343.3 million,
representing a 20.5% increase from RMB284.8 million for the same period of the last
fiscal year. The increase was mainly attributable to the recovery
of overseas schools operation from pandemic.
Complementary Education Services: Revenue contribution
for the period was RMB318.9 million.
It represented a 7.9% increase from RMB295.5
million for the same period of the last fiscal year. The
increase was mainly attributable to the recovery of overseas study
counselling business, expansion of international contest business
and other quality education training.
Domestic Kindergartens & K-12 Operation
Services: Revenue contribution for the period was
RMB211.3million. It represented a
52.1% increase from RMB139.0 million
for the same period of the last fiscal year. The increase was
mainly due to increase in catering services to the students of K-12
schools and management and operation services for
kindergartens.
Cost of Revenue from Continuing Operations
Cost of revenue for the period was RMB614.6 million, as
compared to RMB598.6 million for the same period last
fiscal year.
Gross Profit, Gross Margin and Adjusted Gross Profit from
Continuing Operations
Gross profit for the period was RMB258.9
million, representing a 114.4% increase from RMB120.8 million for the same period of
the last fiscal year. Gross margin increased to 29.6% from
16.8% for the same period of the last fiscal year.
Adjusted gross profit for the period was RMB268.3 million, representing a 109.5% increase
from RMB128.0 million for the same
period of the last fiscal year
Selling, General and Administrative Expenses and
Adjusted SG&A Expenses from Continuing
Operations (6)
Total SG&A expenses for the period were RMB284.9 million, as compared to RMB248.2 million for the same period of
the last fiscal year.
Adjusted SG&A expenses for the period were RMB285.8 million, as compared to RMB246.8 million for the same period of
the last fiscal year.
______________________________________________________________________________________________
6. Adjusted
SG&A expenses from continuing operations is defined as selling,
general and administrative expenses from continuing operations
excluding share-based compensation expense.
|
Operating Loss, Operating Margin and Adjusted Operating Loss
from Continuing Operations
Operating loss for the period was RMB22.9
million, representing an 80.2% decrease in loss from
operating loss of RMB115.6 million
for the same period of the last fiscal year. Operating
margin was (2.6%) for the period, as compared to (16.1%) for the
same period of the last fiscal year.
Adjusted operating loss for the period was RMB14.4 million, representing an 86.5% decrease
in loss from adjusted operating loss of RMB106.9 million for the same period of
the last fiscal year.
Net Loss/Income and Adjusted Net
Loss
Net loss for the period was RMB52.9 million. Net income was
RMB148.5 million for the same period
of the last fiscal year, which includes net loss of
RMB161.7 million from continuing
operations and net income of RMB310.1
million from discontinued operations.
Adjusted net loss for the period was RMB46.4 million, as compared to adjusted net loss
of RMB154.5 for the same period of
the last fiscal year.
Loss per ordinary share/ADS and Adjusted Loss per ordinary
share/ADS
Basic and diluted net loss per ordinary share/ADS attributable
to ordinary shareholders/ADS holders from continuing operations for
the period were RMB0.42 and RMB0.42, respectively, as
compared to loss of RMB1.41 and
RMB1.41, respectively, for the same
period of the last fiscal year.
Adjusted basic and diluted net loss per ordinary share/ADS
attributable to ordinary shareholders/ADS holders for the period
were RMB0.36 and RMB0.36, respectively, as compared to
loss of RMB1.35 and RMB1.35, respectively, for the same period of
the last fiscal year.
Adjusted EBITDA
Adjusted EBITDA for the period was RMB127.7 million, as compared to adjusted EBITDA
loss of RMB3.7 million for the same
period of the last fiscal year.
Cash and Working Capital
As of February 28, 2022, the
Company's cash and cash equivalents and restricted cash were
RMB1,492.6 million (US$236.6 million), as compared to RMB1,515.2 million as of August 31, 2021. The company also had
short-term investments of RMB1,206.7
million (US$191.3 million) as
of February 28, 2022.
RECENT DEVELOPMENTS
On Partial Repurchase of Senior Notes
By order of the board, as at April 12,
2022, the Company had repurchased the senior notes in an
aggregate principal amount of US$68,000,000, representing 22.7% of the initial
principal amount of the senior notes.
On Going Private Proposal
On April 29, 2022, the Company
received a preliminary non-binding proposal letter (the "Proposal")
from its Chairperson of the board of directors (the "Board"), Ms.
Huiyan Yang, and Ms. Meirong Yang (collectively, the "Buyer Group")
proposing to acquire all of the outstanding Class A ordinary shares
of the Company (the "Class A Shares"), including Class A Shares
represented by American depositary shares (the "ADSs," each
representing one Class A ordinary share), and Class B ordinary
shares of the Company (the "Class B Shares," and together with the
Class A Shares, the "Shares") that are not already beneficially
owned by the Buyer Group for a purchase price of US$0.83 per Share in cash in a going private
transaction (the "Proposed Transaction"), subject to certain
conditions.
On May 6, 2022, the Board
announced that it had formed a special committee consisting of
three independent directors, Mr. Peter
Andrew Schloss, Mr. Jun Zhao
and Mr. Ronald J. Packard, to
evaluate and consider the Proposal. Mr. Schloss chairs the special
committee. The Board cautions the Company's shareholders and others
considering trading the Company's securities that no decisions have
been made with respect to the Proposal.
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 six months ended
February 28, 2022 are solely for the
convenience of the readers and were calculated at the rate of
US$1.00=RMB6.3084, representing the noon buying rate set
forth in the H.10 statistical release of the U.S. Federal Reserve
Board on February 28, 2022. No
representation is made that the RMB amounts could have been, or
could be, converted, realized or settled into US$ at that rate on
February 28, 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 SG&A
expenses, adjusted operating income/(loss), adjusted net
earnings/(loss) per share attributable to ordinary shareholders
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 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 and income/(loss) from discontinued
operations, net of tax. We define adjusted SG&A expenses from
continuing operations as selling, general and administration
expense from continuing operations excluding share-based
compensation expense. We define adjusted operating income/(loss)
from continuing operations as net operating income/(loss) from
continuing operations excluding share-based compensation expense
and amortization of intangible assets. Additionally, we define
adjusted net earnings/(loss) per share attributable to ordinary
shareholders, basic and diluted, as adjusted net income/(loss)
attributable to ordinary shareholders (net income/(loss) to
ordinary shareholders excluding share-based compensation expense,
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 American depositary
shares, each representing one Class A ordinary share of the
Company, on an as-converted basis.
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, 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 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, 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 SG&A
expenses from continuing operations, adjusted operating
income/(loss) from continuing operations, adjusted net
earnings/(loss) per share attributable to ordinary shareholders
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; and 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 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,
|
|
February
28,
|
|
|
|
2021
|
|
2022
|
|
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
844,684
|
|
918,670
|
|
145,626
|
|
|
Restricted
cash
|
669,029
|
|
572,300
|
|
90,720
|
|
|
Short-term investments
(1)
|
-
|
|
1,206,727
|
|
191,289
|
|
|
Accounts receivable,
net
|
41,723
|
|
28,472
|
|
4,513
|
|
|
Amounts due from
related parties, net
|
15,087
|
|
451,305
|
|
71,540
|
|
|
Other receivables,
deposits and other assets, net
|
81,119
|
|
148,537
|
|
23,546
|
|
|
Inventories
|
7,579
|
|
7,050
|
|
1,118
|
|
|
Amount due from
Affected Entities (2), net
|
2,028,866
|
|
-
|
|
-
|
|
Total current
assets
|
3,688,087
|
|
3,333,061
|
|
528,352
|
|
|
Restricted cash - non
current
|
1,450
|
|
1,650
|
|
262
|
|
|
Property and equipment,
net
|
519,452
|
|
401,569
|
|
63,656
|
|
|
Intangible assets,
net
|
485,822
|
|
458,524
|
|
72,685
|
|
|
Goodwill,
net
|
1,950,186
|
|
1,893,013
|
|
300,078
|
|
|
Long-term
investments
|
75,443
|
|
75,124
|
|
11,909
|
|
|
Prepayment for
construction contract
|
5,974
|
|
1,180
|
|
187
|
|
|
Deferred tax assets,
net
|
64,096
|
|
112,317
|
|
17,804
|
|
|
Other non-current
assets, net
|
68,217
|
|
12,874
|
|
2,041
|
|
|
Operating lease
right-of-use assets
|
1,773,773
|
|
1,639,699
|
|
259,923
|
|
Total non-current
assets
|
4,944,413
|
|
4,595,950
|
|
728,545
|
TOTAL
ASSETS
|
8,632,500
|
|
7,929,011
|
|
1,256,897
|
|
|
|
|
|
|
|
|
1. As of February 28,
2022, all short-term investments principal are guaranteed by a
related party of the Company.
|
2. The Affected
Entities refer to the schools and entities been affected by the
Implementation Rules and consequently deconsolidated on August 31,
2021. They
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,
|
|
February
28,
|
|
|
|
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 6,157 as of August
31, 2021
and February 28, 2022, respectively)
|
(73,411)
|
|
(73,508)
|
|
(11,652)
|
|
|
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
372,822 as of August 31, 2021 and February 28, 2022,
respectively)
|
(40,445)
|
|
(495,418)
|
|
(78,533)
|
|
|
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 RMB21,609 as of August 31, 2021 and February 28,
2022,
respectively)
|
(234,036)
|
|
(242,497)
|
|
(38,441)
|
|
|
Short-term loans
(including short-term loan of the consolidated VIEs without
recourse to Bright Scholar of RMB nil and RMB nil as of August 31,
2021 and
February 28, 2022, respectively)
|
(753,754)
|
|
(644,903)
|
|
(102,229)
|
|
|
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
February 28,
2022, respectively)
|
(1,836,362)
|
|
(1,606,744)
|
|
(254,699)
|
|
|
Income tax payable
(including income tax payable of the consolidated VIEs
without recourse to Bright Scholar of RMB 19,091 and RMB 16,784 as
of August
31, 2021 and February 28, 2022, respectively)
|
(178,213)
|
|
(103,207)
|
|
(16,360)
|
|
|
Contract liabilities
-current (including contract liabilities of the consolidated
VIEs
without recourse to Bright Scholar of RMB 139,126 and RMB 137,301
as of
August 31, 2021 and February 28, 2022, respectively)
|
(425,954)
|
|
(342,474)
|
|
(54,289)
|
|
|
Refund liabilities
-current (including refund liabilities of the consolidated VIEs
without recourse to Bright Scholar of RMB 10,398 and RMB 7,963 as
of August
31, 2021 and February 28, 2022, respectively)
|
(32,362)
|
|
(18,052)
|
|
(2,862)
|
|
|
Operating lease
liabilities (including operating lease liabilities of the
consolidated
VIEs without recourse to Bright Scholar of RMB 12,005 and RMB
22,710 as of
August 31, 2021 and February 28, 2022, respectively)
|
(123,215)
|
|
(121,256)
|
|
(19,221)
|
|
|
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 February 28, 2022,
respectively)
|
(333,270)
|
|
-
|
|
-
|
|
Total current
liabilities
|
(4,031,022)
|
|
(3,648,059)
|
|
(578,286)
|
|
|
Non-current Contract
liabilities (including non-current portion of contract
liabilities of the consolidated VIEs without recourse to Bright
Scholar of RMB
1,084 and RMB 737 as of August 31, 2021 and February 28, 2022,
respectively)
|
(1,421)
|
|
(2,657)
|
|
(421)
|
|
|
Deferred tax
liabilities, net (including deferred tax liabilities of the
consolidated
VIEs without recourse to Bright Scholar of RMB 9,561 and RMB 8,373
as of
August 31, 2021 and February 28, 2022, respectively)
|
(26,744)
|
|
(24,113)
|
|
(3,822)
|
|
|
Other non-current
liabilities due to related parties (including non-current
liabilities
due to related parties of the consolidated VIEs without recourse to
Bright Scholar
of RMB 13,154 and RMB 13,606 as of August 31, 2021 and February 28,
2022,
respectively)
|
(13,154)
|
|
(13,606)
|
|
(2,157)
|
|
|
Long term loan
(including long term loan of the consolidated VIEs without
recourse to Bright Scholar of RMB nil and RMB nil as of August 31,
2021 and
February 28, 2022, respectively)
|
(616)
|
|
(595)
|
|
(94)
|
|
|
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 59,889 as of August 31, 2021 and February 28,
2022,
respectively)
|
(1,752,667)
|
|
(1,596,945)
|
|
(253,146)
|
|
Total non-current
liabilities
|
(1,794,602)
|
|
(1,637,916)
|
|
(259,640)
|
TOTAL
LIABILITIES
|
(5,825,624)
|
|
(5,285,975)
|
|
(837,926)
|
|
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
|
|
|
Share
capital
|
(8)
|
|
(8)
|
|
(1)
|
|
|
Additional paid-in
capital
|
(1,727,020)
|
|
(1,692,883)
|
|
(268,354)
|
|
|
Statutory
reserves
|
(2,531)
|
|
(13,814)
|
|
(2,190)
|
|
|
Accumulated other
comprehensive income
|
(168,324)
|
|
(113,667)
|
|
(18,018)
|
|
|
Retained
earnings
|
(648,944)
|
|
(588,333)
|
|
(93,262)
|
|
Shareholders'
equity
|
(2,546,827)
|
|
(2,408,705)
|
|
(381,825)
|
|
Non-controlling
interests
|
(260,049)
|
|
(234,331)
|
|
(37,146)
|
|
Total
equity
|
(2,806,876)
|
|
(2,643,036)
|
|
(418,971)
|
TOTAL LIABILITIES
AND EQUITY
|
(8,632,500)
|
|
(7,929,011)
|
|
(1,256,897)
|
|
|
|
|
|
|
|
|
BRIGHT SCHOLAR
EDUCATION HOLDINGS LIMITED
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(Amounts in
thousands, except for shares and per share data)
|
|
|
|
|
|
|
|
Six Months Ended
February 28,
|
|
2021
|
|
2022
|
|
RMB
|
|
RMB
|
|
USD
|
Continuing
operations
|
|
|
|
|
|
Revenue
|
719,313
|
|
873,505
|
|
138,467
|
Cost of
revenue
|
(598,555)
|
|
(614,584)
|
|
(97,423)
|
|
|
|
|
|
|
Gross
profit
|
120,758
|
|
258,921
|
|
41,044
|
Selling, general and
administrative expenses
|
(248,194)
|
|
(284,946)
|
|
(45,169)
|
Other operating
income
|
11,836
|
|
3,085
|
|
489
|
|
|
|
|
|
|
Operating
loss
|
(115,600)
|
|
(22,940)
|
|
(3,636)
|
Interest expense,
net
|
(70,809)
|
|
(84,383)
|
|
(13,376)
|
Investment
income
|
48,085
|
|
78,954
|
|
12,516
|
Other
expenses
|
(6,154)
|
|
(6,155)
|
|
(977)
|
|
|
|
|
|
|
Loss before income
taxes and share of equity in loss of unconsolidated
affiliates
|
(144,478)
|
|
(34,524)
|
|
(5,473)
|
Income tax
expense
|
(16,726)
|
|
(18,303)
|
|
(2,901)
|
Share of equity in loss
of unconsolidated affiliates
|
(452)
|
|
(111)
|
|
(18)
|
|
|
|
|
|
|
Net loss from
continuing operations
|
(161,656)
|
|
(52,938)
|
|
(8,392)
|
|
|
|
|
|
|
Discontinued
operations
|
|
|
|
|
|
Income from
discontinued operations, net of tax
|
310,141
|
|
-
|
|
-
|
|
|
|
|
|
|
Net
(loss)/income
|
148,485
|
|
(52,938)
|
|
(8,392)
|
|
|
|
|
|
|
Net (loss)/income
attributable to non-controlling interests
|
|
|
|
|
|
Continuing
operations
|
6,368
|
|
(3,610)
|
|
(572)
|
Discontinued
operations
|
523
|
|
-
|
|
-
|
|
|
|
|
|
|
Net (loss)/ income
attributable to ordinary
shareholders
|
|
|
|
|
|
Continuing
operations
|
(168,024)
|
|
(49,328)
|
|
(7,820)
|
Discontinued
operations
|
309,618
|
|
-
|
|
-
|
|
|
|
|
|
|
Net (loss)/earnings
per share attributable to ordinary shareholders
|
|
|
|
|
|
—Basic
|
|
|
|
|
|
Continuing
operations
|
(1.41)
|
|
(0.42)
|
|
(0.07)
|
Discontinued
operations
|
2.60
|
|
-
|
|
-
|
|
|
|
|
|
|
—Diluted
|
|
|
|
|
|
Continuing
operations
|
(1.41)
|
|
(0.42)
|
|
(0.07)
|
Discontinued
operations
|
2.60
|
|
-
|
|
-
|
|
|
|
|
|
|
Weighted average
shares used in calculating net earnings per ordinary
share:
|
|
|
—Basic
|
|
|
|
|
|
Continuing
operations
|
119,370,352
|
|
118,725,655
|
|
118,725,655
|
Discontinued
operations
|
119,370,352
|
|
-
|
|
-
|
|
|
|
|
|
|
—Diluted
|
|
|
|
|
|
Continuing
operations
|
119,370,352
|
|
118,725,655
|
|
118,725,655
|
Discontinued
operations
|
119,370,352
|
|
-
|
|
-
|
|
|
|
|
|
|
BRIGHT SCHOLAR
EDUCATION HOLDINGS LIMITED
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(Amounts in
thousands)
|
|
|
|
|
|
|
|
Six Months
Ended February 28,
|
|
2021
|
|
2022
|
|
RMB
|
|
RMB
|
|
USD
|
Net cash generated
from/(used in) operating activities
|
56,404
|
|
(385,616)
|
|
(61,127)
|
Net cash generated used
in investing activities
|
(2,212,602)
|
|
(1,181,644)
|
|
(187,313)
|
Net cash (used
in)/generated from financing activities
|
(95,921)
|
|
1,581,836
|
|
250,751
|
Effect of exchange rate
changes on cash and cash
equivalents, and restricted cash
|
(73,379)
|
|
(37,119)
|
|
(5,885)
|
Net change in cash and
cash equivalents, and restricted
cash
|
(2,325,498)
|
|
(22,543)
|
|
(3,574)
|
Cash and cash
equivalents, and restricted cash at beginning
of the period
|
4,423,937
|
|
1,515,163
|
|
240,182
|
Cash and cash
equivalents, and restricted cash at end of
the period
|
2,098,439
|
|
1,492,620
|
|
236,608
|
|
|
|
|
|
|
BRIGHT SCHOLAR
EDUCATION HOLDINGS LIMITED
|
Reconciliations of
GAAP and Non-GAAP Results
|
(Amounts in thousands,
except for shares and per share data)
|
|
|
|
|
|
|
|
|
|
Six Months Ended
February 28,
|
|
|
2021
|
|
2022
|
|
|
RMB
|
|
RMB
|
|
USD
|
Gross profit from
continuing operations
|
120,758
|
|
258,921
|
|
41,044
|
|
Add: Amortization of
intangible assets
|
7,285
|
|
9,360
|
|
1,484
|
Adjusted gross
profit from continuing operations
|
128,043
|
|
268,281
|
|
42,528
|
|
|
|
|
|
|
|
Operating loss from
continuing operations
|
(115,600)
|
|
(22,940)
|
|
(3,636)
|
|
Add: Share-based
compensation expense
|
1,370
|
|
(816)
|
|
(129)
|
|
Add: Amortization of
intangible assets
|
7,285
|
|
9,360
|
|
1,484
|
Adjusted operating
loss from continuing operations
|
(106,945)
|
|
(14,396)
|
|
(2,281)
|
|
|
|
|
|
|
|
Net
(loss)/income
|
148,485
|
|
(52,938)
|
|
(8,392)
|
|
Add: Share-based
compensation expense
|
1,370
|
|
(816)
|
|
(129)
|
|
Add: Amortization of
intangible assets
|
7,285
|
|
9,360
|
|
1,484
|
|
Add: Tax effect of
amortization of intangible assets
|
(1,476)
|
|
(1,995)
|
|
(316)
|
|
Less: Income from
discontinued operations, net of tax
|
310,141
|
|
-
|
|
-
|
Adjusted net
loss
|
(154,477)
|
|
(46,389)
|
|
(7,353)
|
|
|
|
|
|
|
|
Net (loss)/income
attributable to ordinary shareholders
|
141,594
|
|
(49,328)
|
|
(7,820)
|
|
Add: Share-based
compensation expense
|
1,370
|
|
(816)
|
|
(129)
|
|
Add: Amortization of
intangible assets
|
7,285
|
|
9,360
|
|
1,484
|
|
Add: Tax effect of
amortization of intangible assets
|
(1,476)
|
|
(1,995)
|
|
(316)
|
|
Less: Income from
discontinued operations, net of tax
|
309,618
|
|
-
|
|
-
|
Adjusted net loss
attributable to ordinary shareholders
|
(160,845)
|
|
(42,779)
|
|
(6,781)
|
|
|
|
|
|
|
|
Net
(loss)/income
|
148,485
|
|
(52,938)
|
|
(8,392)
|
|
Add: Interest expense,
net
|
(70,809)
|
|
(84,383)
|
|
(13,376)
|
|
Add: Income tax
expense
|
16,726
|
|
18,303
|
|
2,901
|
|
Add: Depreciation and
amortization
|
69,080
|
|
78,732
|
|
12,481
|
|
Add: Share-based
compensation expense
|
1,370
|
|
(816)
|
|
(129)
|
|
Less: Income from
discontinued operations, net of tax
|
310,141
|
|
-
|
|
-
|
Adjusted
EBITDA
|
(3,671)
|
|
127,664
|
|
20,237
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses from continuing operations
|
248,194
|
|
284,946
|
|
45,169
|
|
Less: Share-based
compensation expense
|
1,370
|
|
(816)
|
|
(129)
|
Adjusted selling,
general and administrative expenses from continuing
operations
|
246,824
|
|
285,762
|
|
45,298
|
|
|
|
|
|
|
|
Weighted average
shares used in calculating earnings per ordinary
share:
|
|
|
|
|
—Basic and Diluted
|
|
|
|
|
|
Continuing
operations
|
119,370,352
|
|
118,725,655
|
|
118,725,655
|
Discontinued
operations
|
119,370,352
|
|
-
|
|
-
|
|
|
|
|
|
|
|
Adjusted net loss
per share attributable to ordinary shareholders
|
|
|
|
|
|
—Basic
|
(1.35)
|
|
(0.36)
|
|
(0.06)
|
—Diluted
|
(1.35)
|
|
(0.36)
|
|
(0.06)
|
|
|
|
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/bright-scholar-announces-unaudited-financial-results-for-the-six-months-of-fiscal-2022-301565160.html
SOURCE Bright Scholar Education Holdings Ltd.