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6-K 1 ea0239776-6k_bright.htm REPORT OF FOREIGN PRIVATE ISSUER

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of April 2025

 

Commission File Number: 001-38077

 

Bright Scholar Education Holdings Limited

 

No. 1, Country Garden Road

Beijiao Town, Shunde District, Foshan, Guangdong 528300

The People’s Republic of China

(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

 

Form 20-F ☒ Form 40-F ☐

 

 

 

 


 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  Bright Scholar Education Holdings Limited
     
Date: April 29, 2025 By: /s/ Hui Zhang
  Name:  Hui Zhang
  Title: Chief Financial Officer

 

1


 

EXHIBIT INDEX

 

Exhibit No.   Description
Exhibit 99.1   Earnings Release

 

 

2

 

 

EX-99.1 2 ea023977601ex99-1_bright.htm EARNINGS RELEASE

Exhibit 99.1

 

 

Bright Scholar Announces Unaudited Financial Results for the Second Quarter of Fiscal Year 2025

 

Net income from continuing operations increased 223.6% YoY to GBP3.2 million

Management to hold a conference call today at 7:00 a.m. Eastern Time

 

CAMBRIDGE, England and FOSHAN, China, April 28, 2025 /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 second quarter of fiscal year 2025 ended February 28, 2025.

 

SECOND QUARTER OF FISCAL YEAR 2025 FINANCIAL HIGHLIGHTS

 

Total revenue from continuing operations was GBP43.8 million, compared to GBP48.5 million for the same quarter last fiscal year.

 

- Revenue from Schools was GBP26.6 million, compared to GBP27.3 million for the same quarter last fiscal year.

 

- Revenue from Overseas Study Counselling increased by 6.2% to GBP11.9 million from GBP11.2 million for the same quarter last fiscal year.

 

Operating income from continuing operations was GBP2.3 million, representing a 7.2% increase from the same quarter last fiscal year. Adjusted operating income from continuing operations1 increased by 8.1% to GBP2.7 million from GBP2.5 million for the same quarter last fiscal year.

 

Net income from continuing operations increased by 223.6% to GBP3.2 million from GBP1.0 million for the same quarter last fiscal year. Adjusted net income2 grew by 179.5% to GBP3.5 million from GBP1.3 million for the same quarter last fiscal year.

 

Revenue from continuing operations by Segment3

 

(GBP in millions except for percentage)     For the second quarter ended
February 28/29,
    YoY      % of total revenue in    
    2025     2024     % Change     F2Q2025  
Schools4     26.6       27.3       -2.9 %     60.6 %
Overseas Study Counselling5     11.9       11.2       6.2 %     27.1 %
Others6     5.3       10.0       -45.9 %     12.3 %
Total     43.8       48.5       -9.7 %     100.0 %

 

 

1. Adjusted operating income/(loss) from continuing operations is a non-GAAP financial measure, which is defined as operating income/(loss) from continuing operations excluding share-based compensation expenses and amortization of intangible assets.
2. Adjusted net income is a non-GAAP financial measure, which is defined as net income excluding share-based compensation expenses, amortization of intangible assets, tax effect of amortization of intangible assets, and income/(loss) from discontinued operations, net of tax.
3. Effective from the first quarter of fiscal year 2025, the Company has updated its segment reporting to better reflect its strategic priorities. The Company now reports three segments: Schools, Overseas Study Counselling, and Others. Accordingly, segment revenue from continuing operations for the second quarter ended February 29, 2024 has been revised to conform to the presentation used for the second quarter ended February 28, 2025.
4. Schools business refers to the previous Overseas Schools segment.
5. Overseas Study Counselling business is part of the previous Complementary Education Services segment.
6 Others include the previous Domestic Kindergartens & K-12 Operation Services and Complementary Education Services segments (excluding Overseas Study Counselling). For more information on these adjusted financial measures, please see the section captioned “Non-GAAP Financial Measures” and the tables captioned “Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this release.

 

 


 

 

MANAGEMENT COMMENTARY

 

Mr. Robert Niu, Chief Executive Officer of Bright Scholar, commented, “During the second fiscal quarter, we achieved steady progress in executing our “dual-engine” strategy by advancing both global expansion and student recruitment. These efforts have strengthened the resilience of our Schools business amidst external headwinds while creating a foundation for continued success. Operationally, we maintained stable total enrollment year-over-year at 2,669 students as of March 31, 2025. Notably, we also achieved a strong 14.2% year-over-year improvement in revenue per enrollment at our U.S. schools this quarter, a testament to our premium positioning and operational effectiveness. Meanwhile, our global recruitment efforts continued to gain momentum across key markets, enhancing our pipeline for future growth. As a leading provider of premier international education services, we remain committed to delivering exceptional learning experiences, optimizing operational efficiency, and scaling our global footprint to create enduring value for all stakeholders.”

 

Ms. Cindy Zhang, Chief Financial Officer of Bright Scholar, added, “We are pleased to report healthy financial results in the second fiscal quarter, reflecting improved operating efficiency and profitability. Our total revenue remained relatively stable year-over-year at GBP43.8 million. Revenues from our Overseas Study Counselling business increased by 6.2% year-over-year to GBP11.9 million. We continue to manage our costs prudently, balancing our growth initiatives with the impact of the macroeconomic environment. Our SG&A expenses decreased by 13.7% year-over-year in absolute amount, while as a percentage of revenue decreasing by 1.2 percentage points to 25.5%. Notably, our net income from continuing operations increased by over 200% year-over-year. In the second half of the fiscal year, we will continue to execute our long-term strategy to balance healthy and sustainable growth while improving profitability.”

 

UNAUDITED FINANCIAL RESULTS FOR THE SECOND FISCAL QUARTER ENDED FEBRUARY 28, 2025

 

Revenue from Continuing Operations

 

Revenue was GBP43.8 million, compared to GBP48.5 million for the same quarter last fiscal year.

 

Schools: Revenue was GBP26.6 million, compared to GBP27.3 million for the same quarter last fiscal year.

 

Overseas Study Counselling: Revenue was GBP11.9 million, representing an increase of 6.2% from the same quarter last fiscal year. The increase was mainly due to recruitment growth.

 

Others: Revenue was GBP5.3 million, compared to GBP10.0 million for the same quarter last fiscal year. The decrease was mainly due to the contraction of K-12 operation services, which was in line with our expectations.

 

Cost of Revenue from Continuing Operations

 

Cost of revenue was GBP30.7 million, compared to GBP33.6 million for the same quarter last fiscal year.

 

Gross Profit, Gross Margin and Adjusted Gross Profit from Continuing Operations7

 

Gross profit was GBP13.2 million, compared to GBP15.0 million for the same quarter last fiscal year. Gross margin was 30.0%, compared to 30.8% for the same quarter last fiscal year.

 

Adjusted gross profit from continuing operations was GBP13.2 million, compared to GBP15.1 million for the same quarter last fiscal year.

 

 

7. Adjusted gross profit from continuing operations is a non-GAAP financial measure, which is defined as gross profit from continuing operations, excluding amortization of intangible assets.

 

2


 

 

Selling, General and Administrative (SG&A) Expenses from Continuing Operations

 

Total SG&A expenses were GBP11.2 million, representing a 13.7% decrease from GBP13.0 million for the same quarter last fiscal year. The decrease was mainly due to the improvement in operational efficiency in our Schools business.

 

Operating Income, Operating Margin and Adjusted Operating Income from Continuing Operations

 

Operating income was GBP2.3 million, representing a 7.2% increase from GBP2.2 million for the same quarter last fiscal year. Operating margin was 5.3%, compared to 4.5% for the same quarter last fiscal year.

 

Adjusted operating income from continuing operations increased by 8.1% to GBP2.7 million from GBP2.5 million for the same quarter last fiscal year.

 

Net Income and Adjusted Net Income

 

Net income was GBP3.2 million, representing a 1,045.9% increase from GBP0.3 million for the same quarter last fiscal year.

 

Adjusted net income increased by 179.5% to GBP3.5 million from GBP1.3 million for the same quarter last fiscal year.

 

Adjusted EBITDA8

 

Adjusted EBITDA was GBP3.1 million, compared to GBP3.6 million for the same quarter last fiscal year.

 

Net income per Ordinary Share/ADS and Adjusted Net Earnings per Ordinary Share9/ADS10

 

Basic and diluted net income per ordinary share attributable to ordinary shareholders from continuing operations were GBP0.03 each, compared to GBP0.01 each for the same quarter last fiscal year.

 

Adjusted basic and diluted net income per ordinary share attributable to ordinary shareholders were GBP0.03 each, compared to GBP0.01 each for the same quarter last fiscal year.

 

Basic and diluted net income per ADS attributable to ADS holders from continuing operations were GBP0.11 each, compared to GBP0.03 each for the same quarter last fiscal year.

 

Adjusted basic and diluted net income per ADS attributable to ADS holders were GBP0.12 each, compared to GBP0.04 each for the same quarter last fiscal year.

 

Cash and Working Capital

 

As of February 28, 2025, the Company had cash and cash equivalents and restricted cash of GBP46.3 million, compared to GBP54.3 million as of August 31, 2024.

 

 

8. Adjusted EBITDA is a non-GAAP financial measure, which is defined as net income/(loss) excluding interest income/(expense), net, income tax expense/(benefit), depreciation and amortization, share-based compensation expenses, and income/(loss) from discontinued operations, net of tax.
9. Adjusted basic and diluted earnings/(loss) per share is a non-GAAP financial measure, which is defined as adjusted net income/(loss) attributable to ordinary shareholders divided by the weighted average number of basic and diluted ordinary shares.
10. Adjusted basic and diluted earnings/(loss) per American Depositary Share (“ADS”) is a non-GAAP financial measure, which is defined as adjusted net income/(loss) attributable to ADS shareholders divided by the weighted average number of basic and diluted ADSs.

 

3


 

 

CONFERENCE CALL

 

The Company’s management will host an earnings conference call at 7:00 a.m. U.S. Eastern Time (7:00 p.m. Beijing/Hong Kong Time) on April 28, 2025.

 

Dial-in details for the earnings conference call are as follows:

 

Mainland China: 4001-201203
Hong Kong: 800-905945
United States: 1-888-346-8982
International: 1-412-902-4272

 

Participants should dial in at least 5 minutes before the scheduled start time and ask to be connected to the call for “Bright Scholar Education Holdings Limited.”

 

Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at http://ir.brightscholar.com/.

 

A replay of the conference call will be accessible after the conclusion of the live call until May 5, 2025, by dialing the following telephone numbers:

 

United States Toll Free: 1-877-344-7529
International: 1-412-317-0088
Replay Passcode: 2410484

 

CONVENIENCE TRANSLATION

 

The Company’s reporting currency is GBP. 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, the related condensed consolidated statements of operations, and cash flows from GBP into U.S. dollars as of and for the quarter ended February 28, 2025, are solely for the readers’ convenience and were calculated at the rate of GBP1.00=US$1.2591, representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board on February 28, 2025. No representation is made that the GBP amounts could have been, or could be, converted, realized or settled into US$ at that rate on February 28, 2025, 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) from continuing operations, adjusted operating income/(loss) from continuing operations, adjusted net earnings/(loss) per share attributable to ordinary shareholders/ADS holders 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 expenses, and income/(loss) from discontinued operations, net of tax. We define adjusted net income/(loss) as net income/(loss) excluding share-based compensation expenses, amortization of intangible assets, tax effect of amortization of intangible assets, and income/(loss) from discontinued operations, net of tax. We define adjusted operating income/(loss) from continuing operations as operating income/(loss) from continuing operations, excluding share-based compensation expenses and amortization of intangible assets. Additionally, we define adjusted net earnings/(loss) per share attributable to ordinary shareholders/ADS holders, basic and diluted, as adjusted net income/(loss) attributable to ordinary shareholders/ADS holders (net income/(loss) to ordinary shareholders/ADS holders excluding share-based compensation expenses, 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 ADSs.

 

4


 

 

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 a 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/ADS holders, basic and diluted. In addition, the strategic move to dispose of the non-core businesses is viewed 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/ADS holders, 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 operating income/(loss) from continuing operations, adjusted net earnings/(loss) per share attributable to ordinary shareholders/ADS holders 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 expenses, and without considering the impact of non-operating items such as interest income/(expense), net; income tax expense/benefit; share-based compensation expenses; 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; 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.

 

5


 

 

 

About Bright Scholar Education Holdings Limited

 

Bright Scholar is a premier global education service Group. The Company primarily provides quality international education to global students and equips them with the critical academic foundation and skillsets necessary to succeed in the pursuit of higher education.

 

For more information, please visit: https://ir.brightscholar.com/.

 

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:

Email: BEDU@thepiacentegroup.com

Phone: +86 (10) 6508-0677/ +1-212-481-2050

 

Media Contact:

Email: media@brightscholar.com

 

6


 

 

BRIGHT SCHOLAR EDUCATION HOLDINGS LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands)

 

    As of  
    August 31,     February 28,  
    2024     2025  
    GBP     GBP     USD  
ASSETS                  
Current assets                  
Cash and cash equivalents     52,991       45,812       57,682  
Restricted cash     1,307       435       548  
Accounts receivable, net     2,018       2,523       3,177  
Amounts due from related parties, net     1,548       1,520       1,914  
Other receivables, deposits and other assets, net     13,303       9,267       11,668  
Inventories     125       796       1,003  
                         
Total current assets     71,292       60,353       75,992  
                         
Restricted cash - non-current     27       27       34  
Property and equipment, net     37,522       35,430       44,610  
Intangible assets, net     5,327       5,166       6,505  
Goodwill, net     56,634       57,058       71,842  
Long-term investments, net     2,623       2,654       3,342  
Deferred tax assets, net     206       138       174  
Other non-current assets, net     1,013       1,093       1,376  
Operating lease right-of-use assets – non-current     152,451       149,465       188,191  
                         
Total non-current assets     255,803       251,031       316,074  
                         
TOTAL ASSETS     327,095       311,384       392,066  

 

7


 

 

BRIGHT SCHOLAR EDUCATION HOLDINGS LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS-CONTINUED

(Amounts in thousands)

 

    As of  
    August 31,     February 28,  
    2024     2025  
    GBP     GBP     USD  
LIABILITIES AND EQUITY                  
Current liabilities                  
Accounts payable     9,864       10,180       12,818  
Contract liabilities - current     47,872       32,426       40,828  
Accrued expenses and other current liabilities     20,538       22,632       28,496  
Amounts due to related parties     8,417       4,441       5,592  
Income tax payable     8,483       5,979       7,528  
Refund liabilities - current     1,060       937       1,180  
Operating lease liabilities - current     11,420       11,806       14,865  
                         
Total current liabilities     107,654       88,401       111,307  
                         
Deferred tax liabilities     3,348       2,323       2,925  
Operating lease liabilities – non-current     150,901       148,137       186,519  
Non-current contract liabilities     93       100       126  
                         
Total non-current liabilities     154,342       150,560       189,570  
                         
TOTAL LIABILITIES     261,996       238,961       300,877  
                         
EQUITY                        
Share capital     1       1       1  
Additional paid-in capital     220,901       221,515       278,910  
Statutory reserves     2,073       3,172       3,994  
Accumulated other comprehensive loss     (3,777 )     (3,480 )     (4,381 )
Accumulated deficit     (165,693 )     (159,851 )     (201,268 )
                         
Shareholders’ equity     53,505       61,357       77,256  
Non-controlling interests     11,594       11,066       13,933  
                         
TOTAL EQUITY     65,099       72,423       91,189  
                         
TOTAL LIABILITIES AND EQUITY     327,095       311,384       392,066  

 

8


 

 

BRIGHT SCHOLAR EDUCATION HOLDINGS LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in thousands, except for shares and per-share data)

 

    Three Months Ended
February 29/28
    Six Months Ended
February 29/28
 
    2024     2025     2024     2025  
    GBP     GBP     USD     GBP     GBP     USD  
Revenue     48,528       43,843       55,203       101,834       88,575       111,525  
Cost of revenue     (33,573 )     (30,680 )     (38,629 )     (69,016 )     (62,369 )     (78,529 )
                                                 
Gross profit     14,955       13,163       16,574       32,818       26,206       32,996  
Selling, general and administrative expenses     (12,954 )     (11,185 )     (14,083 )     (25,513 )     (19,595 )     (24,672 )
Other operating income     186       367       462       1,169       505       636  
                                                 
Operating income     2,187       2,345       2,953       8,474       7,116       8,960  
Interest (expense)/income, net     (288 )     229       288       (194 )     288       363  
Investment (loss)/income     (49 )     7       9       66       9       11  
Other expenses     (181 )     (590 )     (743 )     (246 )     (596 )     (750 )
                                                 
Income before income taxes and share of equity in loss of unconsolidated affiliates     1,669       1,991       2,507       8,100       6,817       8,584  
Income tax (expense)/ benefit     (668 )     1,229       1,547       (2,117 )     415       523  
Share of equity in (loss)/ income of unconsolidated affiliates     (6 )     -       -       14       -       -  
                                                 
Net income from continuing operations     995       3,220       4,054       5,997       7,232       9,107  
                                                 
(Loss)/income from discontinued operations, net of tax     (714 )     -       -       885       -       -  
                                                 
Net income     281       3,220       4,054       6,882       7,232       9,107  
                                                 
Net (loss)/income attributable to non-controlling interests                                                
Continuing operations     (37 )     16       20       275       291       366  
Discontinued operations     27       -       -       218       -       -  
                                                 
Net (loss)/income attributable to ordinary shareholders                                                
Continuing operations     1,032       3,204       4,034       5,722       6,941       8,741  
Discontinued operations     (741 )     -       -       667       -       -  
                                                 
Net (loss)/income per share attributable to ordinary shareholders                                                
—Basic and diluted                                                
Continuing operations     0.01       0.03       0.03       0.05       0.06       0.07  
Discontinued operations     (0.01 )     -       -       0.01       -       -  
                                                 
Weighted average shares used in calculating net (loss)/income per ordinary share:                                                
—Basic                                                
Continuing operations and discontinued operations     118,669,795       118,669,795       118,669,795       118,669,795       118,669,795       118,669,795  
—Diluted                                                
Continuing operations and discontinued operations     118,669,795       119,320,269       119,320,269       118,669,795       118,862,781       118,862,781  
                                                 
Net (loss)/income per ADS                                                
—Basic and diluted                                                
Continuing operations     0.03       0.11       0.14       0.19       0.23       0.29  
Discontinued operations     (0.02 )     -       -       0.02       -       -  

 

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BRIGHT SCHOLAR EDUCATION HOLDINGS LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in thousands)

 

    Three Months Ended
February 29/28
    Six Months Ended
February 29/28
 
    2024     2025     2024     2025  
    GBP     GBP     USD     GBP     GBP     USD  
Net cash used in operating activities     (5,683 )     (1,529 )     (1,925 )     (8,010 )     (7,204 )     (9,071 )
                                                 
Net cash generated from/(used in) investing activities     4,080       (340 )     (428 )     2,115       3,221       4,055  
                                                 
Net cash used in financing activities     (1,223 )     -       -       (1,433 )     (4,442 )     (5,593 )
                                                 
Effect of exchange rate changes on cash and cash equivalents, and restricted cash     (349 )     637       802       278       374       471  
                                                 
Net change in cash and cash equivalents, and restricted cash     (3,175 )     (1,232 )     (1,551 )     (7,050 )     (8,051 )     (10,138 )
                                                 
Cash and cash equivalents, and restricted cash at beginning of the period     57,822       47,506       59,815       61,697       54,325       68,401  
                                                 
Cash and cash equivalents, and restricted cash at end of the period     54,647       46,274       58,264       54,647       46,274       58,264  

 

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BRIGHT SCHOLAR EDUCATION HOLDINGS LIMITED

Reconciliations of GAAP and Non-GAAP Results

(Amounts in thousands, except for shares and per-share data)

 

    Three Months Ended
February 29/28
    Six Months Ended
February 29/28
 
    2024     2025     2024     2025  
    GBP     GBP     USD     GBP     GBP     USD  
Gross profit from continuing operations     14,955       13,163       16,574       32,818       26,206       32,996  
Add: Amortization of intangible assets     115       70       88       231       183       230  
Adjusted gross profit from continuing operations     15,070       13,233       16,662       33,049       26,389       33,226  
                                                 
Operating income from continuing operations     2,187       2,345       2,953       8,474       7,116       8,960  
Add: Share-based compensation expenses     181       269       339       181       614       773  
Add: Amortization of intangible assets     115       70       88       231       183       230  
Adjusted operating income from continuing operations     2,483       2,684       3,380       8,886       7,913       9,963  
                                                 
Net income     281       3,220       4,054       6,882       7,232       9,107  
Add: Share-based compensation expenses     181       269       339       181       614       773  
Add: Amortization of intangible assets     115       70       88       231       183       230  
Add: Tax effect of amortization of intangible assets     (23 )     (15 )     (19 )     (46 )     (38 )     (48 )
Less: Loss/(income) from discontinued operations     (714 )     -       -       885       -       -  
Adjusted net income     1,268       3,544       4,462       6,363       7,991       10,062  
                                                 
Net income attributable to ordinary shareholders     291       3,204       4,034       6,389       6,941       8,741  
Add: Share-based compensation expenses     181       269       339       181       614       773  
Add: Amortization of intangible assets     87       56       71       175       142       178  
Add: Tax effect of amortization of intangible assets     (18 )     (12 )     (15 )     (36 )     (30 )     (38 )
Less: Loss/(income) from discontinued operations     (741 )     -       -       667       -       -  
Adjusted net income attributable to ordinary shareholders     1,282       3,517       4,429       6,042       7,667       9,654  
                                                 
Net income     281       3,220       4,054       6,882       7,232       9,107  
Add: Interest expense/(income), net     288       (229 )     (288 )     194       (288 )     (363 )
Add: Income tax expense/(benefit)     668       (1,229 )     (1,547 )     2,117       (415 )     (523 )
Add: Depreciation and amortization     1,457       1,094       1,377       2,736       2,360       2,971  
Add: Share-based compensation expenses     181       269       339       181       614       773  
Less: Loss/(income) from discontinued operations     (714 )     -       -       885       -       -  
Adjusted EBITDA     3,589       3,125       3,935       11,225       9,503       11,965  
                                                 
Weighted average shares used in calculating adjusted net (loss)/income per ordinary share:                                                
—Basic     118,669,795       118,669,795       118,669,795       118,669,795       118,669,795       118,669,795  
—Diluted     118,669,795       119,320,269       119,320,269       118,669,795       118,862,781       118,862,781  
                                                 
Adjusted net income per share attributable to ordinary shareholders                                                
—Basic and Diluted     0.01       0.03       0.04       0.05       0.06       0.08  
                                                 
Adjusted net income per ADS                                                
—Basic and Diluted     0.04       0.12       0.15       0.20       0.26       0.32  

 

 

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