NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC.

Income Statement New Oriental Education & Technology Group Inc.

Equities

EDU

US6475812060

Miscellaneous Educational Service Providers

Real-time Estimate Cboe BZX Other stock markets 12:01:39 20/02/2025 am IST			5-day change	1st Jan Change
53.48 ^USD	-0.88%		+2.37%	-16.63%

24/01	Citigroup Downgrades New Oriental Education & Technology to Neutral From Buy, Cuts Price Target to $50 From $83	MT
24/01	Citi Downgrades New Oriental Education & Technology Group to Neutral from Buy; Price Target is HK$39	MT

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Published financial data: NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: May	2020	2021	2022	2023	2024
Revenues	357.87Cr	427.65Cr	310.52Cr	299.78Cr	431.36Cr
Total Revenues	357.87Cr	427.65Cr	310.52Cr	299.78Cr	431.36Cr
Cost of Goods Sold, Total	158.89Cr	203.69Cr	175.43Cr	140.94Cr	205.1Cr
Gross Profit	198.98Cr	223.97Cr	135.1Cr	158.83Cr	226.26Cr
Selling General & Admin Expenses, Total	159.08Cr	209.06Cr	189.78Cr	139.83Cr	191.22Cr
Other Operating Expenses, Total	159.08Cr	209.06Cr	189.78Cr	139.83Cr	191.22Cr
Operating Income	40Cr	15Cr	-55Cr	19Cr	35Cr
Interest Expense, Total	-46.27L	-67.47L	-40.5L	-7L	-3L
Interest And Investment Income	12Cr	14Cr	12Cr	11Cr	15Cr
Net Interest Expenses	11Cr	13Cr	12Cr	11Cr	15Cr
Income (Loss) On Equity Invest.	13.85L	-13.68L	-5.15Cr	-71.02L	-5.89Cr
Other Non Operating Income (Expenses)	2.71Cr	-58.51L	3.24Cr	1.29Cr	9L
EBT, Excl. Unusual Items	54Cr	28Cr	-45Cr	31Cr	45Cr
Restructuring Charges	-	-	-44Cr	-	-
Impairment of Goodwill	-	-2.89Cr	-	-	-
Gain (Loss) On Sale Of Investments	-4.98Cr	-4.05Cr	-12Cr	-81.49L	-1.08Cr
Gain (Loss) On Sale Of Assets	-	-	-7.96Cr	-	-
Asset Writedown	-	-29.36L	-	-	-
Other Unusual Items	-	11Cr	-	-	-
EBT, Incl. Unusual Items	49Cr	31Cr	-108.4Cr	30Cr	43Cr
Income Tax Expense	13Cr	8.36Cr	14Cr	6.61Cr	11Cr
Earnings From Continuing Operations	35Cr	23Cr	-122.03Cr	24Cr	33Cr
Net Income to Company	35Cr	23Cr	-122.03Cr	24Cr	33Cr
Minority Interest	5.85Cr	10Cr	3.26Cr	-5.8Cr	-1.56Cr
Net Income - (IS)	41Cr	33Cr	-118.77Cr	18Cr	31Cr
Net Income to Common Incl Extra Items	41Cr	33Cr	-118.77Cr	18Cr	31Cr
Net Income to Common Excl. Extra Items	41Cr	33Cr	-118.77Cr	18Cr	31Cr
Per Share Items
Net EPS - Basic	2.61	2.03	-7	1.06	1.87
Basic EPS - Continuing Operations	2.61	2.03	-7	1.06	1.87
Basic Weighted Average Shares Outstanding	16Cr	16Cr	17Cr	17Cr	17Cr
Net EPS - Diluted	2.59	2	-7	1	1.8
Diluted EPS - Continuing Operations	2.59	2	-7	1	1.8
Diluted Weighted Average Shares Outstanding	16Cr	17Cr	17Cr	17Cr	17Cr
Normalized Basic EPS	2.5	1.69	-1.45	0.81	1.59
Normalized Diluted EPS	2.48	1.68	-1.45	0.8	1.57
American Depositary Receipts Ratio (ADR)	10	10	10	10	10
Supplemental Items
EBITDA	55Cr	38Cr	-35Cr	31Cr	46Cr
EBITA	40Cr	15Cr	-54Cr	20Cr	36Cr
EBIT	40Cr	15Cr	-55Cr	19Cr	35Cr
EBITDAR	95Cr	91Cr	1.82Cr	52Cr	72Cr
Total Revenues (As Reported)	357.87Cr	427.65Cr	310.52Cr	299.78Cr	431.36Cr
Effective Tax Rate - (Ratio)	27.46	26.65	-12.58	21.92	25.22
Current Domestic Taxes	14Cr	13Cr	4.44Cr	9.76Cr	13Cr
Total Current Taxes	14Cr	13Cr	4.44Cr	9.76Cr	13Cr
Deferred Domestic Taxes	-86.3L	-4.37Cr	9.19Cr	-3.15Cr	-2.12Cr
Total Deferred Taxes	-86.3L	-4.37Cr	9.19Cr	-3.15Cr	-2.12Cr
Normalized Net Income	40Cr	28Cr	-25Cr	14Cr	26Cr
Supplemental Operating Expense Items
Advertising Expense	-	-	-	-	8.65Cr
Marketing Expenses	11Cr	7.77Cr	4.35Cr	4.94Cr	-
Selling and Marketing Expenses	45Cr	60Cr	47Cr	44Cr	66Cr
General and Administrative Expenses	114.55Cr	148.98Cr	143.09Cr	95Cr	125.16Cr
Net Rental Expense, Total	40Cr	53Cr	37Cr	20Cr	26Cr
Imputed Operating Lease Interest Expense	1.77Cr	1.54Cr	84.47L	20.09L	11.19L
Imputed Operating Lease Depreciation	38Cr	52Cr	36Cr	20Cr	26Cr
Stock-Based Comp., COGS (Total)	22.24L	66.98L	-1L	27.49L	2Cr
Stock-Based Comp., S&M Exp. (Total)	42.27L	69.22L	-24.37L	57.5L	2.61Cr
Stock-Based Comp., G&A Exp. (Total)	5.56Cr	5.53Cr	14Cr	8.13Cr	7.64Cr
Total Stock-Based Compensation	6.21Cr	6.89Cr	13Cr	8.98Cr	12Cr

Fiscal Period: May	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	92Cr	161.22Cr	114.86Cr	166.3Cr	138.94Cr
Short Term Investments	260.31Cr	464.88Cr	297.17Cr	226.06Cr	330.91Cr
Trading Asset Securities, Total	-	-	7.06Cr	7.3Cr	7.67Cr
Total Cash And Short Term Investments	351.81Cr	626.1Cr	419.1Cr	399.66Cr	477.51Cr
Accounts Receivable, Total	41.78L	86.67L	1.64Cr	3.31Cr	2.97Cr
Other Receivables	5.29Cr	11Cr	11Cr	10Cr	16Cr
Notes Receivable	-	-	-	-	-
Total Receivables	5.71Cr	12Cr	13Cr	14Cr	19Cr
Inventory	3.13Cr	3.12Cr	2.79Cr	5.27Cr	9.28Cr
Prepaid Expenses	4.81Cr	2.73Cr	1.99Cr	1.83Cr	2.89Cr
Deferred Tax Assets Current	-	-	-	-	-
Restricted Cash	-	-	-	11Cr	18Cr
Other Current Assets, Total	10Cr	14Cr	11Cr	9.86Cr	12Cr
Total Current Assets	375.64Cr	657.42Cr	447.4Cr	441.39Cr	538.89Cr
Gross Property Plant And Equipment	255.11Cr	333.23Cr	131.32Cr	120.1Cr	162.96Cr
Accumulated Depreciation	-45Cr	-61Cr	-38Cr	-40Cr	-47Cr
Net Property Plant And Equipment	209.79Cr	272.26Cr	93Cr	80Cr	116.19Cr
Long-term Investments	43Cr	54Cr	44Cr	86Cr	53Cr
Goodwill	8.04Cr	7.33Cr	7.08Cr	11Cr	10Cr
Other Intangibles, Total	1.63Cr	1.88Cr	64.27L	2.85Cr	2.31Cr
Deferred Tax Assets Long-Term	6.33Cr	10Cr	2Cr	5.59Cr	7.27Cr
Other Long-Term Assets, Total	11Cr	12Cr	9.17Cr	13Cr	26Cr
Total Assets	655.69Cr	1.02TCr	603.47Cr	639.25Cr	753.17Cr
Liabilities
Accounts Payable, Total	3.31Cr	3.84Cr	2.23Cr	6.98Cr	11Cr
Accrued Expenses, Total	41Cr	58Cr	33Cr	35Cr	49Cr
Current Portion of Leases	38Cr	51Cr	17Cr	16Cr	20Cr
Current Income Taxes Payable	10Cr	8.43Cr	7.56Cr	12Cr	14Cr
Unearned Revenue Current, Total	132.44Cr	192.64Cr	93Cr	133.76Cr	178.01Cr
Other Current Liabilities	23Cr	33Cr	18Cr	22Cr	28Cr
Total Current Liabilities	247.94Cr	347.14Cr	171.01Cr	225.1Cr	300.09Cr
Long-Term Debt	12Cr	30Cr	6.54Cr	1.47Cr	1.44Cr
Long-Term Leases	107.79Cr	135.06Cr	45Cr	29Cr	45Cr
Deferred Tax Liability Non Current	1.19Cr	1.32Cr	1.92Cr	2.38Cr	1.94Cr
Total Liabilities	368.71Cr	513.29Cr	224.11Cr	257.77Cr	348.27Cr
Common Stock, Total	15.88L	16.9L	16.97L	17.03L	17.03L
Additional Paid In Capital	46Cr	194.89Cr	206.16Cr	193.96Cr	187Cr
Retained Earnings	236.65Cr	270.09Cr	151.32Cr	169.05Cr	200.01Cr
Treasury Stock	-3T	-	-	-59T	-55T
Comprehensive Income and Other	-9.09Cr	26Cr	13Cr	-2.74Cr	-9.58Cr
Total Common Equity	273.33Cr	491.33Cr	370.55Cr	360.43Cr	377.59Cr
Minority Interest	14Cr	10Cr	8.8Cr	21Cr	27Cr
Total Equity	286.98Cr	501.82Cr	379.35Cr	381.48Cr	404.9Cr
Total Liabilities And Equity	655.69Cr	1.02TCr	603.47Cr	639.25Cr	753.17Cr
Supplemental Items
ECS Total Shares Outstanding on Filing Date	16Cr	17Cr	17Cr	17Cr	16Cr
ECS Total Common Shares Outstanding	16Cr	17Cr	17Cr	16Cr	16Cr
Book Value / Share	17.24	29.07	21.84	21.94	22.92
Tangible Book Value	263.66Cr	482.12Cr	362.83Cr	347.03Cr	364.89Cr
Tangible Book Value Per Share	16.63	28.53	21.38	21.12	22.15
Total Debt	158Cr	216.23Cr	68Cr	46Cr	66Cr
Net Debt	-193.81Cr	-409.87Cr	-351.05Cr	-353.8Cr	-411.28Cr
Debt Equivalent Oper. Leases	321.09Cr	426.57Cr	296.49Cr	161.87Cr	210.65Cr
Minority Interest, Total (Incl. Fin. Div)	14Cr	10Cr	8.8Cr	21Cr	27Cr
Equity Method Investments, Total	15Cr	20Cr	20Cr	20Cr	17Cr
Account Code - Inventory Valuation	3	3	3	6	6
Inventories - Finished Goods, Total	-	-	-	-	-
Buildings, Total	18Cr	21Cr	17Cr	16Cr	27Cr
Machinery, Total	30Cr	43Cr	26Cr	25Cr	32Cr
Full Time Employees	69.44T	88.13T	46.65T	50.44T	67.94T
Accumulated Allowance for Doubtful Accounts (Supple)	6L	16.13L	12.12L	15.99L	10.34L

Fiscal Period: May	2020	2021	2022	2023	2024
Net Income	41Cr	33Cr	-118.77Cr	18Cr	31Cr
Depreciation & Amortization - CF	15Cr	23Cr	19Cr	12Cr	10Cr
Amortization of Goodwill and Intangible Assets - (CF)	46.92L	47.86L	21.38L	56.67L	61.74L
Depreciation & Amortization, Total	15Cr	23Cr	19Cr	12Cr	11Cr
Amortization of Deferred Charges, Total - (CF)	-	5L	5L	2L	-
(Gain) Loss From Sale Of Asset	48.66L	53.8L	7.96Cr	21.67L	-
(Gain) Loss on Sale of Investments - (CF)	4.98Cr	4.05Cr	12Cr	89.16L	1.08Cr
Asset Writedown & Restructuring Costs	-	6.56Cr	44Cr	-	-
(Income) Loss On Equity Investments - (CF)	-13.85L	13.68L	5.15Cr	71.02L	6.03Cr
Stock-Based Compensation (CF)	6.21Cr	6.89Cr	13Cr	8.98Cr	12Cr
Provision and Write-off of Bad Debts	3L	31.06L	-81T	7L	-6L
Other Operating Activities, Total	-6.7Cr	-15Cr	4.44Cr	2.41Cr	-56.04L
Change In Accounts Receivable	-14.22L	-46.27L	-81.13L	-38.7L	33.39L
Change In Inventories	-32.78L	37.52L	18.2L	-2.19Cr	-4.12Cr
Change In Accounts Payable	82T	1.28Cr	-1.51Cr	4.4Cr	3.78Cr
Change in Unearned Revenues	6.19Cr	42Cr	-93Cr	47Cr	47Cr
Change In Income Taxes	5.64Cr	3.35Cr	21.79L	4.17Cr	2.17Cr
Change in Other Net Operating Assets	7.78Cr	6.31Cr	-21Cr	86.05L	2.9Cr
Cash from Operations	80Cr	113.01Cr	-128.05Cr	97Cr	112.26Cr
Capital Expenditure	-31Cr	-43Cr	-15Cr	-14Cr	-25Cr
Sale of Property, Plant, and Equipment	2.45Cr	4.54Cr	53.87L	13.23L	4L
Cash Acquisitions	10.73L	-1.27Cr	-	9L	-
Divestitures	1.29Cr	-	-3.39Cr	-	-
Sale (Purchase) of Intangible assets	-	-71.51L	49.9L	21.12L	-3.4Cr
Investment in Marketable and Equity Securities, Total	-98Cr	-179.12Cr	137.75Cr	10Cr	-87Cr
Other Investing Activities, Total	-64.16L	1.72Cr	-3.47Cr	-23.87L	-13.88L
Cash from Investing	-125.64Cr	-217.76Cr	116.85Cr	-3.74Cr	-115.39Cr
Long-Term Debt Issued, Total	2Cr	30Cr	-	-	-
Total Debt Issued	2Cr	30Cr	-	-	-
Long-Term Debt Repaid, Total	-	-12Cr	-22Cr	-4.88Cr	-2L
Total Debt Repaid	-	-12Cr	-22Cr	-4.88Cr	-2L
Issuance of Common Stock	36.29L	148.47Cr	2L	1.29Cr	39.31L
Repurchase of Common Stock	-98.53L	-1.62Cr	-79.56L	-19Cr	-7.97Cr
Special Dividend Paid	-	-	-	-	-
Other Financing Activities, Total	-3.16Cr	84.72L	-10.8L	-1.72Cr	-8.45Cr
Cash from Financing	-1.79Cr	165.41Cr	-23Cr	-25Cr	-16Cr
Foreign Exchange Rate Adjustments	-2.9Cr	11Cr	-9.48Cr	-7.58Cr	-2.46Cr
Net Change in Cash	-50Cr	71Cr	-44Cr	61Cr	-22Cr
Supplemental Items
Cash Interest Paid	46.65L	42.19L	50.48L	8L	4L
Cash Income Tax Paid (Refund)	14Cr	14Cr	5.3Cr	5.52Cr	11Cr
Levered Free Cash Flow	28Cr	74Cr	-154.79Cr	61Cr	67Cr
Unlevered Free Cash Flow	28Cr	74Cr	-154.58Cr	61Cr	67Cr
Change In Net Working Capital	-13Cr	-79Cr	138.57Cr	-42Cr	-51Cr
Net Debt Issued / Repaid	2Cr	18Cr	-22Cr	-4.88Cr	-2L

Fiscal Period: May	2020	2021	2022	2023	2024
Profitability
Return on Assets	4.45	1.12	-4.22	1.91	3.15
Return on Total Capital	7.05	1.6	-5.86	2.72	4.88
Return On Equity %	13.16	5.83	-27.7	6.19	8.27
Return on Common Equity	16.23	8.75	-27.56	4.85	8.39
Margin Analysis
Gross Profit Margin %	55.6	52.37	43.51	52.98	52.45
SG&A Margin	44.45	48.89	61.11	46.64	44.33
EBITDA Margin %	15.37	8.87	-11.35	10.43	10.6
EBITA Margin %	11.28	3.6	-17.54	6.53	8.27
EBIT Margin %	11.15	3.49	-17.61	6.34	8.12
Income From Continuing Operations Margin %	9.92	5.38	-39.3	7.85	7.54
Net Income Margin %	11.55	7.82	-38.25	5.92	7.18
Net Avail. For Common Margin %	11.55	7.82	-38.25	5.92	7.18
Normalized Net Income Margin	11.05	6.48	-7.94	4.52	6.1
Levered Free Cash Flow Margin	7.69	17.3	-49.85	20.33	15.62
Unlevered Free Cash Flow Margin	7.77	17.39	-49.78	20.34	15.63
Asset Turnover
Asset Turnover	0.64	0.51	0.38	0.48	0.62
Fixed Assets Turnover	2.72	1.77	1.7	3.46	4.4
Receivables Turnover (Average Receivables)	957.12	665.87	247.46	121.11	137.46
Inventory Turnover (Average Inventory)	52.64	65.18	59.37	34.97	28.19
Short Term Liquidity
Current Ratio	1.52	1.89	2.62	1.96	1.8
Quick Ratio	1.44	1.84	2.52	1.84	1.66
Operating Cash Flow to Current Liabilities	0.32	0.33	-0.75	0.43	0.37
Days Sales Outstanding (Average Receivables)	0.38	0.55	1.47	3.01	2.66
Days Outstanding Inventory (Average Inventory)	6.95	5.6	6.15	10.44	12.98
Average Days Payable Outstanding	7.73	6.41	6.33	11.71	15.35
Cash Conversion Cycle (Average Days)	-0.39	-0.27	1.29	1.74	0.29
Long Term Solvency