New Oriental Education & Technology Group Inc. reported unaudited consolidated earnings results for the second quarter and six months ended of November 30, 2017. For the quarter, the company reported total net revenues of $467,183,000 compared to $341,238,000 a year ago. Operating loss was $13,070,000 compared to operating income of $214,000 a year ago. Net income was $7,759,000 compared to $12,382,000 a year ago. Net income attributable to the company was $4,279,000 compared to $10,360,000 a year ago. Basic and diluted net income per share and ADS was $0.03 compared to $0.07 a year ago. Non-GAAP operating loss was $3,757,000 compared to non-GAAP operating income of $2,379,000 a year ago. Non-GAAP net income was $13,592,000 compared to $12,525,000 a year ago. Non-GAAP net income per ADS attributable to the company was $0.09 compared to $0.08 a year ago. Basic and diluted Non-GAAP income per share was $0.09 compared to $0.08 a year ago. Net operating cash flow for the second fiscal quarter of 2018 was approximately $168.5 million. Capital expenditures for the quarter were $45.7 million, which were primarily attributable to the opening of four new schools and 59 learning centers and renovations at existing learning centers.

For the six months, the company reported total net revenues of $1,128,348,000 compared to $875,307,000 a year ago. Operating income was $148,007,000 compared to $152,798,000 a year ago. Net income was $166,916,000 compared to $154,465,000 a year ago. Net income attributable to the company was $162,672,000 compared to $160,446,000 a year ago. Diluted net income per share and ADS was $1.11 compared to $0.98 a year ago. Non-GAAP operating income was $160,446,000 compared to $155,844,000 a year ago. Non-GAAP net income was $175,111,000 compared to $154,468,000 a year ago. Non-GAAP net income per ADS attributable to the company was $1.11 compared to $0.98 a year ago. Basic and diluted Non-GAAP income per share was $1.11 compared to $0.98 a year ago.

The company expects total net revenues in the third quarter of fiscal year 2018 (December 1, 2017 to February 28, 2018) to be in the range of $591.1 million to $604.2 million, representing a year-over-year growth in the range of 35% to 38%.