New Oriental Education & Technology Group
Q1 2023 Earnings Call
Oct 26, 2022, 8:00 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Good evening, and thank you for standing by for New Oriental's FY 2023 first-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'd now like to turn the meeting over to your host for today's conference, Ms.
Sisi Zhao.
Sisi Zhao -- Director, Investor Relations
Thank you. Hello, everyone, and welcome to New Oriental's first fiscal quarter 2023 earnings conference call. Our financial results for the period were released earlier today and are available on the company's website as well as on Newswire services. Today, you will hear from Stephen Yang, executive president and chief financial officer.
After his prepared remarks, Stephen and I will be available to answer your questions. Before we continue, please note that this session today 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, our results may be materially different from the views expressed today. A number of potential risks and uncertainties are outlined in our public filings with the SEC. New Oriental does not undertake any obligation to update any forward-looking statements, except as required under applicable law.
As a reminder, this conference is being recorded. In addition, a webcast of this conference call will be available on New Oriental's Investor Relations website at investor.neworiental.org. I will now turn the call over to Mr. Yang.
Stephen, please go ahead.
Stephen Yang -- Executive Vice President and Chief Financial Officer
Thank you, Sisi. Hello, everyone, and thank you for joining us on the call. This first quarter has not only marked a fresh beginning of our 2023 fiscal year, but also a new page to New Oriental. Before going into detail of our financial performance for this quarter, I would like to take this opportunity to extend our gratitude to those who have been believing and supporting New Oriental along the way.
I'm delighted to share with you that the restructuring process has been largely completed, and New Oriental has successfully derived a new business model, combined with a certain existing business and a new innovative business opportunity. Our new business ventures have been performing well and starting to generate positive results to New Oriental. Furthermore, it's even more encouraging to see that we have achieved the turnaround in profitability and better-than-we-expect margin this quarter. Our non-GAAP operating margin for the quarter was 13%, and non-GAAP net margin for the quarter was 11.2%, both higher than last year same period.