Condensed Parent Company Information

12 Months Ended

Feb. 28, 2025

Condensed Financial Information Disclosure [Abstract]

22. CONDENSED PARENT COMPANY INFORMATION

Basis of presentation

Condensed financial information is used for the presentation of the Company, or the Parent Company. The condensed financial information of the parent company has been prepared using the same accounting policies as set out in the Group’s consolidated financial statements except that the Parent Company used the equity method to account for its investment in its subsidiaries and VIEs.

Investments in subsidiaries and VIEs

The Company and its subsidiaries and VIEs were included in the consolidated financial statements where the intercompany transactions and balances were eliminated upon consolidation. For purpose of the Company’s standalone financial statements, its investments in subsidiaries were reported using the equity method of accounting. The Company’s profits or deficit in subsidiaries were reported as equity in income or losses of subsidiaries in the accompanying parent company financial statements.

Ordinarily under the equity method, an investor in an equity method investee would cease to recognize its share of the losses of an investee once the carrying value of the investment has been reduced to $nil absent an undertaking by the investor to provide continuing support and fund losses. For the purpose of this parent only information, the Parent Company has continued to reflect its share, based on its proportionate interest, of the losses of subsidiaries, VIEs and VIEs’ subsidiary regardless of the carrying value of the investment even though the Parent Company is not obligated to provide continuing support or fund losses.

The following represents condensed unconsolidated financial information of Four Seasons Education (Cayman) Inc.

a. Condensed Balance Sheets


	As of
	February 29, 2024			February 28, 2025
	RMB			RMB			USD
Current assets
Cash and cash equivalents		73,528			102,743			14,108
Short-term investment under fair value		82,791			37,953			5,211
Long-term investments under fair value, current		14,122			3,584			492
Amounts due from subsidiaries and consolidated VIEs		4			1,460			200
Other current assets		1,334			2,858			393
Total current assets		171,779			148,598			20,404
Non-current assets
Restricted cash		121,472			127,449			17,500
Long-term investment under fair value, non-current		94,817			99,571			13,672
Investments in subsidiaries and consolidated VIEs		124,990			117,724			16,165
Total non-current assets		341,279			344,744			47,337
Total assets		513,058			493,342			67,741
Accrued expenses and other current liabilities		1,446			1,043			144
Amounts due to subsidiaries and consolidated VIEs		35,322			36,432			5,002
Other liabilities		1,287			1,256			172
Total liabilities		38,055			38,731			5,318
Ordinary Shares (US$0.0001 par value; 500,000,000 shares authorized, 21,163,416 and 22,600,576 shares issued and outstanding as of February 29, 2024 and February 28, 2025, respectively)		14			15			2
Additional paid-in capital		783,313			747,376			102,622
Treasury shares (2,938,567 and 2,363,567 shares as of February 29, 2024 and February 28, 2025, respectively)		(56,090	)		(45,115	)		(6,195	)
Accumulated deficit		(277,339	)		(276,538	)		(37,971	)
Accumulated other comprehensive income		25,105			28,873			3,965
Total equity		475,003			454,611			62,423
Total liabilities and equity		513,058			493,342			67,741

b. Condensed Statements of Operations and Comprehensive Income


	For the Year Ended
	February 28,			February 29,			February 28,
	2023			2024			2025
	RMB			RMB			RMB			USD
Operating expenses		(11,766	)		(6,085	)		(2,209	)		(303	)
Interest income, net		837			6,518			15,712			2,157
Realized gain (loss) in investments		1,867			3,207			(3,062	)		(420	)
Unrealized holding (loss) gain in investments		(3,794	)		3,910			2,022			278
Other (expenses) income, net		(618	)		8			62			9
Loss from investments in subsidiaries, VIEs and VIEs’ subsidiaries		(16,192	)		(2,597	)		(11,724	)		(1,610	)
(Loss) Income before income taxes		(29,666	)		4,961			801			111
Income tax (expense) benefit		—			—			—			—
Net (loss) income		(29,666	)		4,961			801			111
Foreign currency translation adjustments		38,526			9,347			3,768			517
Comprehensive income		8,860			14,308			4,569			628

c. Condensed Statements of Cash Flows


	For the Year Ended
	February 28,			February 29,			February 28,
	2023			2024			2025
	RMB			RMB			RMB			USD
Net cash provided by operating activities		16,945			931			8,955			1,229
Purchases of short-term investments under fair value		(175,848	)		(103,145	)		(34,337	)		(4,715	)
Purchases of long-term investments under fair value		(145,910	)		(93,280	)		(85,645	)		(11,760	)
Proceeds from maturity of investments		164,564			327,495			174,123			23,909
Net cash (used in) provided by investing activities		(157,194	)		131,070			54,141			7,434
Proceeds from related parties loans		—			1,287		—			—
Repayment to related parties loans		—			1		—			—
Repurchase of ordinary shares		(239	)		(159	)	—			—
Net proceeds from option exercised		—			—			4,831			663
Dividends payment		—			—			(34,887	)		(4,790	)
Net cash (used in) provided by financing activities		(239	)		1,129			(30,056	)		(4,127	)
Effect of exchange rate changes		27,389			(4,117	)		2,152			297
Net (decrease) increase in cash and, cash equivalents and restricted cash		(113,099	)		129,013			35,192			4,833
Cash and, cash equivalents and restricted cash at beginning of the year		179,086			65,987			195,000			26,775
Cash and cash equivalents and restricted cash at end of the year		65,987			195,000			230,192			31,608

Reconciliation in amounts on consolidated balance sheets:
Cash and cash equivalents		65,987			73,528			102,743			14,108
Restricted cash, current		—			—			—			—
Restricted cash, non-current		—			121,472			127,449			17,500
Total cash and cash equivalents and restricted cash		65,987			195,000			230,192			31,608

Supplemental disclosure of cash flow information:
Dividends payable offset against receivables from shareholders		—			—			1,711			235