Q4 2024 New Oriental Education & Technology Group Inc Earnings Call Transcript
Key Points
- New Oriental Education & Technology Group Inc (EDU) achieved a solid top-line growth of 32.1% for the fiscal quarter.
- The company reported a healthy financial status with cash and cash equivalents, term deposits, and short-term investments totaling approximately $4.9 billion.
- New educational business initiatives reported a revenue increase of 50% in dollar terms or 57% in RMB terms year over year for this quarter.
- The overseas test drive business recorded a revenue increase of 18% in dollar terms or 23% in RMB terms year over year for this quarter.
- The company's Board of Directors approved an extension of the share repurchase program to May 31, 2025, with approximately $296.1 million already repurchased.
- Operating income decreased by 78.1% year over year to $10.5 million.
- Non-GAAP income from operations for the quarter decreased by 53.8% year over year to $36.3 million.
- Net income attributable to New Oriental for the quarter decreased by 6.9% year over year to $27 million.
- Operating costs and expenses for the quarter increased by 38.6% year over year.
- The company experienced a short-term impact on operating margin due to investments in private label products, new tourism-related business, and additional incentives to management and staff.
Good evening, and thank you for standing by for New Oriental's full-year 2024 fourth-quarter results earnings conference call. (Operator Instructions) Today's conference is being recorded. If you have any objections, you may disconnect at this time.
I would now like to turn the meeting over to your host for today's conference, Ms. Sisi Zhao. Please go ahead.
Thank you. Hello, everyone, and welcome to New Oriental's fourth fiscal quarter 2024 earnings conference call. Our financial results for the period were released earlier today and are available on the company's website, as well as our newswire services.
Today, Stephen Yang, Executive President and Chief Financial Officer, and I will share New Oriental's latest earnings results and business updates in detail with you. After that, Stephen and I will be available to answer your questions.
Before we continue, please note that the discussion today will contain forward-looking statements made
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