Yahoo Finance Bright Scholar Education Holdings Limited (NYSE:BEDU) Q2 2024 Earnings Call Transcript
Bright Scholar Education Holdings Limited (NYSE:BEDU) Q2 2024 Earnings Call Transcript April 23, 2024
Bright Scholar Education Holdings Limited isn't one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Hello, ladies and gentlemen. Thank you for standing by for Bright Scholar's Second Quarter of Fiscal 2024 Earnings Conference Call. At this time all participants will be in a listen-only mode. After the management's remarks, there will be a question-and-answer session. Today's conference call is being recorded. I would now like to turn the call over to your host, [Ms. Andrea Gall], Investor Relations Counsel of the Company. Please go ahead, Ms. Andrea.
Unidentified Company Representative: Thank you very much. Hello, everyone, and welcome to Bright Scholar's earnings conference call for the second quarter of the 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 at ir.brightscholar.com. Please note that today's discussion will contain forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, the company's results may materially differ from today's view. Further information regarding these and other risks and uncertainties is included in the company's prospectus and other public filings as filed with the U.S. SEC.
The company does not assume any obligation to update any forward-looking statements, except as required under applicable law. Additionally, Bright Scholar's earnings press release and this conference call include discussions of unaudited GAAP and non-GAAP financial measures. Bright Scholar's earnings press release contains a reconciliation of the unaudited non-GAAP measures. Please also note that all numbers are in RMB. Participants on today's call will include our Chief Executive Officer, Mr. Robert Niu, who will provide a company overview and update on our strategic initiatives with highlights from the quarter. Our Chief Financial Officer, Ms. Cindy Zhang, who will then provide details on the company's financial results for the period. We will then open the call for questions.
I will now turn the call over to our Chief Executive Officer, Mr. Robert Niu. Please go ahead, sir.
Ruolei Niu: Thank you. And it's my pleasure to speak with you today. Our turnaround has taken root in fiscal 2024. We are actively restoring growth and profitability while strengthening our balance sheet. Last quarter, I discussed our strategic initiative to revive our business and how this will restore our growth in revenue and EBITDA. As promised, we continue to grow these metrics in the second fiscal quarter making our second consecutive quarter of year-over-year improvement. In the second fiscal quarter, our total revenues increased 17.2%. Gross profit surged 40.2% and our adjusted EBITDA was RMB33.7 million versus a loss for the same period last year. These gains reflect the strength of our strategic initiatives, showing we are on the right path to sustainable growth and profitability.
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