Financial reports / Bright Scholar Education Holdings Limited | Tables in SEC filings

BEDU Bright Scholar Education Holdings Limited

Annual report (foreign)

The following tables set forth a summary of our consolidated results of operations by amount and as a percentage of total revenues for our continuing operations for the periods indicated. This information should be read together with our consolidated financial statements and related notes included elsewhere in this annual report. The results of operations in any period are not necessarily indicative of the results that may be expected for any future period.

	Year Ended August 31,
	2022				2023				2024
	RMB		%		RMB		%		RMB		US$		%
	(in thousands, except for percentages, share and per share data)
Continuing operations
Revenue		1,439,291		100.0		1,772,127		100.0		1,755,206		247,561		100.0
Cost of revenue		(1,068,626)		(74.2)		(1,304,699)		(73.6)		(1,251,620)		(176,533)		(71.3)

Gross profit		370,665		25.8		467,428		26.4		503,586		71,028		28.7
Selling, general and administrative expenses		(458,816)		(31.9)		(512,882)		(28.9)		(469,047)		(66,156)		(26.7)
Other operating income		4,198		0.3		43,783		2.5		3,699		522		0.2
Impairment loss on operating lease right-of-use assets		(8,861)		(0.6)		-		-		-		-		-
Impairment loss on goodwill		(419,805)		(29.2)		(147,116)		(8.3)		(593,748)		(83,744)		(33.8)
Impairment loss on intangible assets		(113,385)		(7.9)		-		-		(258,326)		(36,435)		(14.7)
Impairment loss on property and equipment		(6,586)		(0.5)		(12,891)		(0.7)		(6,607)		(932)		(0.4)
Operating loss		(632,590)		(44.0)		(161,678)		(9.1)		(820,443)		(115,717)		(46.7)
Interest expenses, net		(126,029)		(8.8)		(5,452)		(0.3)		(1,315)		(185)		(0.1)
Investment income		134,353		9.3		(807)		-		(2,516)		(355)		(0.1)
Other expenses		(7,421)		(0.5)		(7,380)		(0.4)		(4,012)		(567)		(0.2)
Loss before income taxes and share of equity in loss of unconsolidated affiliates		(631,687)		(43.9)		(175,317)		(9.9)		(828,286)		(116,824)		(47.2)
Income tax expenses		(55,143)		(3.8)		(183,208)		(10.3)		(32,908)		(4,641)		(1.9)
Share of equity in loss of unconsolidated affiliates		(151)		-		(339)		-		(7,876)		(1,111)		(0.4)
Net loss from continuing operations		(686,981)		(47.7)		(358,864)		(20.3)		(869,070)		(122,576)		(49.5)
Loss from discontinued operations, net of tax		(16,556)		(1.2)		(27,959)		(1.6)		(163,791)		(23,102)		(9.3)
Net loss		(703,537)		(48.9)		(386,823)		(21.8)		(1,032,861)		(145,678)		(58.8)
Less: Net (loss)/income attributable to the non-controlling interests
Continuing operations		(629)		(0.04)		823		0.05		(17,296)		(2,439)		(1.0)
Discontinued operations		6,432		(0.45)		7,488		0.4		(19,286)		(2,720)		(1.1)
Net loss attributable to Bright Scholar Holdings ordinary shareholders		(709,340)		(49.3)		(395,134)		(22.3)		(996,279)		(140,519)		(56.8)
Net loss per share attributable to ordinary shareholders - basic and diluted:
Net loss from continuing operations attributable to ordinary shareholders		(5.79)				(3.03)				(7.18)		(1.01)
Net loss from discontinued operations attributable to ordinary shareholders		(0.19)				(0.30)				(1.22)		(0.17)
Net loss attributable to Bright Scholar Education Holdings Limited shareholders		(5.98)				(3.33)				(8.40)		(1.18)
Weighted average shares used in calculating net earnings per ordinary share, basic and diluted		118,697,495				118,669,795				118,669,795		118,669,795

	Year Ended August 31, 2023
	Parent		WFOE		VIE consolidated		Other subsidiaries		Intercompany Elimination		Group Consolidated
	(RMB in thousands)
Revenues		-		39,233		194,646		1,541,588		(3,340)		1,772,127
Cost of revenues		-		(44,702)		(104,259)		(1,155,738)		-		(1,304,699)
Equity in loss of subsidiaries, VIEs and subsidiaries of VIEs		(504,028)		(130,813)		-		-		634,841		-
Net income/(loss) from continuing operations		(395,134)		(179,003)		35,455		(442,197)		622,015		(358,864)
Income/(loss) from discontinued operations, net of tax		-		-		(37,331)		9,372		-		(27,959)
Comprehensive loss		(257,305)		(179,003)		(1,876)		(432,879)		622,015		(249,048)

	As of August 31,
	2023		2024
	RMB		RMB		US$
	(in Thousands)
Amounts due from related parties*
BGY Education Investment and its affiliates (1)		185,372		22,188		3,130
Shaoguan Shunhong Real Estate Development Co., Ltd. (2)		10,000		10,000		1,410
Kaiping Country Garden Property Development Co., Ltd. (3)		1,060		1,060		150
Others		375		181		26
Less: allowance for amounts due from related parties		(13,339)		(19,012)		(2,683)
Total		183,468		14,417		2,033

	Note	2022		2023		2024
		RMB		RMB		RMB		USD
								Note 2(g)
Cash flows from financing activities
Payments for purchase of non-controlling interest			(43,582)		(27,763)		—		—
Advances from related parties		1,806,663		—		71,946		10,148
Repayments for advances from related parties			—		(41,563)		(139,446)		(19,668)
Proceeds from related party loan			480,000		—		—		—
Repayment for related party loan			(480,000)		—		—		—
Repurchase of ordinary shares			(9,245)		—		—		—
Dividend to non-controlling interests			(27,473)		(58,304)		(17,959)		(2,533)
Proceeds from bank loans			629,008		—		—		—
Repayment for bank loans			(1,221,799)		(171,929)		—		—
Repurchase of bonds			(394,756)		—		—		—
Redemption of bonds			(1,513,460)		—		—		—
Capital injection from non-controlling interests			7,160		765		—		—
Proceeds from promissory note			877,487		—		—		—
Payment for acquisition of Leti			(2,500)		—		—		—
Payment for acquisition of Linstitute			(6,120)		—		—		—
Net cash provided by/ (used in) financing activities			101,383		(298,794)		(85,459)		(12,053)
Net decrease in cash and cash equivalents, and restricted cash			(688,213)		(329,482)		(57,069)		(8,049)
Cash and cash equivalents and restricted cash at beginning of the year			1,515,163		857,784		567,236		80,005
Effect of exchange rate changes on cash and cash equivalents and restricted cash			30,834		38,934		(4,373)		(617)
Cash and cash equivalents and restricted cash at end of the year			857,784		567,236		505,794		71,339
Supplemental disclosure of cash flow information:
Income tax paid			153,821		65,993		38,097		5,373
Non-cash investing and financing activities:
For the years ended of August 31, 2022, 2023 and 2024
Accounts payable balance for acquisition of property and equipment			(5,205)		(6,812)		(6,924)		(977)
Amounts due to related parties balance for acquisition of property and equipment			(512)		(497)		(501)		(71)
Other receivables, deposits and other assets balance for disposal of property and equipment			—		25,256		13,286		1,874
Right-of-use assets obtained in exchange for the new operating lease liabilities			86,116		30,165		12,898		1,819
Decrease of right-of-use assets for early termination			55,908		23,380		21,098		2,976
Decrease of amount due to related parties by offsetting with short-term investments	16		884,293		—		—		—
Increase of amount due from related parties from disposal of property and equipment	16		57,998		—		—		—

	As of August 31,
	2023		2024
	RMB		RMB
Payroll and related benefits		69,902		58,090
Temporary receipt from students		5,368		2,833
Deposits received		43,683		49,602
Other tax payable		3,455		2,284
Professional fee		25,718		17,794
Commission fee		10,570		17,800
Accrual rental expense		4,209		3,055
Accrual utilities expenses		8,443		6,851
Accrual other expenses		36,666		14,904
Others		25,039		18,009
Total		233,053		191,222

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