Q3 2024 Bright Scholar Education Holdings Ltd Earnings Call Transcript
Key Points
- Bright Scholar Education Holdings Ltd (BEDU) achieved a 6% quarter-over-quarter revenue growth, driven by the strong performance of its overseas schools business.
- The overseas schools segment recorded a 19.4% year-over-year revenue increase, marking the fifth consecutive quarter of double-digit growth.
- Student enrollments in overseas schools grew by 8% year over year, with significant academic achievements, including offers from prestigious universities.
- The company improved its gross margin by 317 basis points year over year and 560 basis points quarter over quarter, reflecting effective cost management.
- Bright Scholar Education Holdings Ltd (BEDU) achieved profitability for the third consecutive quarter on a non-GAAP basis, demonstrating financial resilience.
- Revenue from complementary education services decreased by 18% year over year, as the company strategically reduced lower-return programs.
- The company recorded a net loss of RMB90.3 million in the third fiscal quarter due to a RMB133 million impairment loss on goodwill.
- SG&A expenses increased slightly to RMB147 million, primarily due to a rise in overseas personnel-related expenses.
- Adjusted EBITDA decreased to RMB76.6 million compared to RMB96 million for the same quarter last fiscal year.
- The domestic kindergarten and K12 operation services also saw a decline in revenue, as the company continues to divest non-core education businesses.
Hello, ladies and gentlemen, thank you for standing by for Bright Scholar's third quarter of fiscal 2024 earnings conference call. (Operator Instructions) Today's conference call is being recorded. I will now turn the call over to your host for Piacente Financial Communications, Andrea Guo, IR Counsel for the company. Please go ahead, Andrea.
Thank you very much. Hello, everyone, and welcome to Bright Scholar earnings conference call for the third quarter of 2024 fiscal year. The company's financial and operational results were released earlier today and are available online by visiting the IR section of our website ir.brightscholar.com. Please note that today's discussion will contain forward-looking statements made under the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995.
Forward-looking statements involve inherent risk and uncertainties. As such, the company's results may materially differ from today's fields. Further information
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