$FEDU

Four Seasons Education (Cayman) Inc.

CIK:0001709819|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS ¥ in Thousands, $ in Thousands	12 Months Ended
	Feb. 28, 2026 CNY (¥) ¥ / shares shares	Feb. 28, 2026 USD ($) $ / shares shares	Feb. 28, 2025 CNY (¥) ¥ / shares shares	Feb. 29, 2024 CNY (¥) ¥ / shares shares
Revenue
Total Revenue	¥ 254,444	$ 37,102	¥ 251,076	¥ 125,445
Cost of revenue
Total Cost of revenue	(188,791)	(27,529)	(203,941)	(79,951)
Gross profit	65,653	9,573	47,135	45,494
General and administrative expenses	(48,420)	(7,060)	(48,849)	(44,337)
Sales and marketing expenses	(10,496)	(1,530)	(14,025)	(6,753)
Impairment loss on long-lived assets \| ¥	0		0	(3,674)
Operating (loss) income	6,737	983	(15,739)	(9,270)
Subsidy income	191	28	1,413	728
Interest income, net	6,006	876	16,200	7,235
Realized gain (loss) in investments	3,938	574	(3,062)	3,207
Unrealized holding gain in investments	2,438	356	2,022	3,910
Other (expense) income, net	381	55	(739)	(1,434)
Investment income	1,224	177
Gains from deregistration of subsidiaries	8,811	1,284
Impairment loss on long-term investments \| ¥				(500)
Total income before provision of income taxes	29,726	4,333	95	3,876
Income tax expense	(635)	(93)	(722)	(1,101)
Net income (loss)	29,091	4,240	(627)	2,775
Less: Net loss attributable to non-controlling interests	(1,696)	(247)	(1,428)	(2,186)
Net (loss) income attributable to Four Seasons Education (Cayman) Inc.	¥ 30,787	$ 4,487	¥ 801	¥ 4,961
Net (loss) income per ordinary share:
- Basic \| (per share)	¥ 1.36	$ 0.2	¥ 0.04	¥ 0.23
- Diluted \| (per share)	¥ 1.34	$ 0.2	¥ 0.04	¥ 0.21
Weighted average shares used in calculating net (loss) income per ordinary share:
- Basic \| shares	22,608,946	22,608,946	21,807,118	21,164,265
- Diluted \| shares	22,909,120	22,909,120	22,052,836	23,614,631
Revenue From Third Parties
Revenue
Total Revenue	¥ 254,430	$ 37,100	¥ 250,656	¥ 123,076
Cost of revenue
Total Cost of revenue	(180,795)	(26,363)	(184,716)	(75,442)
Revenue From Related Parties
Revenue
Total Revenue	14	2	420	2,369
Cost of revenue
Total Cost of revenue	¥ (7,996)	$ (1,166)	¥ (19,225)	¥ (4,509)

CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands	12 Months Ended
	Feb. 28, 2026 CNY (¥)	Feb. 28, 2026 USD ($)	Feb. 28, 2025 CNY (¥)	Feb. 29, 2024 CNY (¥)
Cash flows from operating activities
Net income (loss) for the year	¥ 29,091	$ 4,240	¥ (627)	¥ 2,775
Adjustments to reconcile net cash flows from operating activities:
Share-based compensation	1,651	241	5,026	3,122
Provision for credit losses	2,235	326	0	0
Depreciation of property and equipment	6,242	910	3,617	3,735
Amortization of operating lease right-of-use assets	10,995	1,603	7,958	3,965
(Gain) loss of disposal of property and equipment	(4)	(1)	63	(424)
Loss from property and equipment impairment	0		0	3,674
Amortization of intangible assets	587	86	424	618
Loss from long-term investments impairment				500
Fair value changes of investments	(2,438)	(356)	(2,022)	(3,910)
Gains from deregistration of subsidiaries	(8,811)	(1,284)	(394)	(2,202)
Deferred income taxes				26
Changes in operating assets and liabilities and other, net:
Accounts receivable	(1,128)	(164)	1,201	(289)
Amounts due from related parties	645	94	4,452	2,893
Other receivables, deposits and other assets	7,338	1,070	(10,538)	(7,117)
Other non-current assets	(1,125)	(164)	(1,365)	(254)
Changes in operating lease liabilities	(10,430)	(1,521)	(7,123)	(3,167)
Amounts due to related parties	182	27	2,075	1,090
Accounts payables	(732)	(107)	3,746
Accrued expenses and other current liabilities	(6,979)	(1,017)	2,924	142
Income tax payable	517	75	670	1,018
Deferred revenue	2,193	320	9,918	10,361
Net cash provided by operating activities	30,029	4,378	20,005	16,556
Cash flows from investing activities
Purchases of property and equipment	(6,252)	(912)	(57,250)	(56,616)
Acquisition of businesses, net of cash acquired				71
Purchases of intangible assets	(659)	(96)
Payments of long-term investments	(9,000)	(1,312)		(9,000)
Purchases of short-term investments			(27,689)	(18,929)
Purchases of short-term investments under fair value	(553,494)	(80,709)	(34,337)	(103,145)
Purchases of long-term investments under fair value	(140,244)	(20,450)	(85,645)	(93,280)
Proceeds from maturity of investments	602,358	87,834	206,955	351,827
Loans to related parties	(800)	(117)		(4,763)
Collection of loans to related party		0	481	5,316
Proceeds from sales of property and equipment	10	1	10
Net cash provided by (used in) investing activities	(108,081)	(15,761)	2,525	71,481
Cash flows from financing activities
Capital contribution from non-controlling shareholders	1,289	188	490
Return capital to non-controlling shareholder	(171)	(25)
Proceeds from related parties loans				1,587
Repayment to related parties loans			(203)	(160)
Net proceeds from option exercised	78	11	4,831
Repurchase of ordinary shares				(159)
Dividends payment			(34,887)
Proceeds from long-term borrowings	7,866	1,147	42,134	40,000
Capital contribution from shareholder			2
Net cash provided by financing activities	9,062	1,321	12,367	41,268
Effect of foreign exchange rate changes	(3,761)	(546)	2,152	(4,117)
Net (decrease) increase in cash, and cash equivalents and restricted cash	(72,751)	(10,608)	37,049	125,188
Cash and cash equivalents, and restricted cash at beginning of the year	339,295	49,475	302,246	177,058
Cash and, cash equivalents and restricted cash at end of the year	266,544	38,867	339,295	302,246
Reconciliation in amounts on consolidated balance sheets:
Cash and cash equivalents	136,181	19,858	210,771	180,198
Restricted cash, current			496
Restricted cash, non-current	130,363		128,028	122,048
Cash and, cash equivalents and restricted cash at end of the year	266,544	38,867	339,295	302,246
Supplemental disclosure of cash flow information:
Income taxes paid	226	33	53	57
Cash paid for amounts included in measurement of lease liabilities	11,128	1,623	7,396	3,034
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	12,915	1,883	20,908	1,846
Purchases of long-lived assets in accrued expenses and other current liabilities	181	26	4,396	¥ 3,662
Dividends payable offset against receivables from shareholders			¥ 1,711
Offset between of due to related parties and other receivables	429	63
ROU assets disposed as reduction of operating lease liabilities due to lease termination	¥ 1,851	$ 270

CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands	Feb. 28, 2026 USD ($)	Feb. 28, 2026 CNY (¥)	Feb. 28, 2025 CNY (¥)
Current assets
Cash and cash equivalents	$ 19,858	¥ 136,181	¥ 210,771
Restricted cash, current			496
Accounts receivable, net of allowance for credit losses of nil and nil as of February 28, 2025 and 2026, respectively	463	3,176	2,048
Other receivables, deposits and other assets, net of allowance for credit losses of RMB3,652 and RMB3,784 as of February 28, 2025 and 2026, respectively	2,390	16,394	24,890
Amounts due from related parties, net	202	1,383	3,331
Short-term investments	0	0	13,905
Short-term investments under fair value	12,869	88,256	37,953
Long-term investments under fair value, current	1,014	6,952	3,584
Total current assets	36,796	252,342	296,978
Non-current assets
Restricted cash, non-current	19,009	130,363	128,028
Property and equipment, net	17,582	120,574	125,228
Operating lease right-of-use assets	5,870	40,254	40,185
Intangible assets, net	326	2,235	1,434
Goodwill	164	1,125	1,125
Long-term investments, net	6,562	45,000	36,000
Long-term investments under fair value, non-current	20,981	143,886	99,571
Other non-current assets	545	3,718	2,593
Total non-current assets	71,039	487,155	434,164
TOTAL ASSETS	107,835	739,497	731,142
Current liabilities
Accounts payable	439	3,014	3,746
Amounts due to related parties	730	5,009	5,256
Accrued expenses and other current liabilities	8,812	60,384	71,888
Operating lease liabilities, current	1,391	9,539	7,895
Income tax payable	2,825	19,376	18,859
Deferred revenue	4,394	30,134	27,941
Long-term borrowings, current	1,312	9,000
Total current liabilities	19,903	136,456	135,585
Non-current liabilities
Long-term borrowings	11,811	81,000	82,134
Operating lease liabilities, non-current	1,058	7,259	8,270
Total non-current liabilities	12,869	88,259	90,404
TOTAL LIABILITIES	32,772	224,715	225,989
Commitments and contingencies
EQUITY
Ordinary shares (US$0.0001 par value; 500,000,000 shares authorized, 22,600,576 and 22,614,376 shares issued and outstanding as of February 28, 2025 and 2026, respectively)	2	15	15
Additional paid-in capital	109,232	749,105	747,376
Treasury shares (2,363,567 and 2,363,567 shares as of February 28, 2025 and 2026, respectively)	(6,579)	(45,115)	(45,115)
Accumulated deficit	(35,835)	(245,751)	(276,538)
Accumulated other comprehensive income	2,242	15,375	28,873
Shareholders’ equity	69,062	473,629	454,611
Non-controlling interests	6,001	41,153	50,542
Total equity	75,063	514,782	505,153
TOTAL LIABILITIES AND EQUITY	$ 107,835	¥ 739,497	¥ 731,142