Gross Profit from continuing operations increased 7.7% YoY and gross margin from continuing operations grew 2.3 ppts for fiscal year 2024
Management to hold a conference call today at 7:00 a.m. Eastern Time

CAMBRIDGE, England and FOSHAN, China, Nov. 25, 2024 /PRNewswire/ — Bright Scholar Education Holdings Limited (“Bright Scholar,” the “Company,” “we” or “our”) (NYSE: BEDU), a global premier education service company, today announced its unaudited financial results for its fourth quarter and fiscal year 2024 ended August 31, 2024.

FOURTH QUARTER OF FISCAL 2024 FINANCIAL HIGHLIGHTS

Revenue from continuing operations was RMB358.3 million, compared to RMB442.2 million for the same quarter last fiscal year.Revenue from Overseas Schools was RMB185.1 million, representing a 0.2% increase from RMB184.8 million for the same quarter last fiscal year.Loss from continuing operations was RMB954.8 million, compared to RMB285.1 million for the same quarter last fiscal year. Adjusted net loss[1] narrowed by 24.3% to RMB92.0 million from RMB121.4 million for the same quarter last fiscal year.

Revenue from continuing operations by Segment

FISCAL YEAR 2024 FINANCIAL HIGHLIGHTS

Revenue from continuing operations was RMB1,755.2 million, compared to RMB1,772.1 million for the last fiscal year.Revenue from Overseas Schools was RMB951.2 million, representing an increase of 17.5% from the last fiscal year.Gross profit from continuing operations was RMB503.6 million, representing an increase of 7.7% from RMB467.4 million for the last fiscal year. Gross margin from continuing operations increased to 28.7% from 26.4% for the last fiscal year.Loss from continuing operations was RMB869.1 million, compared to RMB358.9 million for the last fiscal year. Adjusted net income was RMB1.1 million, compared to adjusted net loss of RMB192.6 for the last fiscal year.

Revenue from continuing operations by Segment

MANAGEMENT COMMENTARY

Mr. Robert Niu, Chief Executive Officer of Bright Scholar, commented, “Throughout the year, we bolstered our global business and operations, strengthening our foundation for future advancement. Despite macro challenges, we achieved rapid progress in our overseas business while further enhancing our senior leadership team to help advance our near-term expansion goals in overseas markets. Our Overseas Schools business maintained its double-digit year-over-year revenue growth for the fiscal year. As we focused our resources on strengthening our high-growth core business, we have completed divesting non-core business from our Complementary Education Services segment by the end of the fiscal quarter. Moving into fiscal year 2025, we plan to reinforce our “dual-engine” growth strategy by focusing on the continued expansion of our overseas school business while propelling our global recruitment initiatives for prospective international students. We are well-positioned to drive further expansion and capture more of the sizeable market opportunities that will support our sustainable development over the long term.”

Ms. Cindy Zhang, Chief Financial Officer of Bright Scholar, added, “Ongoing development across our core businesses drove our healthy financial results for the fiscal year. Our total revenues for fiscal year 2024 remained stable year over year, with Overseas Schools revenue increasing by 18%. We continued to streamline our operations and improve operational efficiency. Notably, our gross profit increased by 7.7% and gross margin by 2.3 percentage points year-over-year. Meanwhile, we significantly enhanced our cash position, increasing our cash and cash equivalents and restricted cash by 20% for the fiscal year. Looking ahead, supported by our healthy balance sheet and the effective implementation of our “dual-engine” growth strategy, we are confident we can solidify our competitive edge while also driving long-term growth and profitability.”

UNAUDITED FINANCIAL RESULTS FOR THE FOURTH FISCAL QUARTER ENDED AUGUST 31, 2024

Revenue from Continuing Operations

Revenue was RMB358.3 million, compared to RMB442.2 million for the same quarter last fiscal year.

Overseas Schools: Revenue contribution was RMB185.1 million, representing a 0.2% increase from RMB184.8 million for the same quarter last fiscal year.

Complementary Education Services: Revenue contribution was RMB129.8 million, compared to RMB161.7 million  for the same quarter last fiscal year. The decrease was mainly attributable to a reduction in extracurricular programs and study tours.

Domestic Kindergartens & K-12 Operation Services: Revenue contribution was RMB43.4 million, compared to RMB95.7 million for the same quarter last fiscal year.

Cost of Revenue from Continuing Operations

Cost of revenue was RMB322.4 million, or 90.0% of revenue, compared to RMB362.4 million, or 81.9%, for the same quarter last fiscal year.

Gross Profit, Gross Margin and Adjusted Gross Profit from Continuing Operations

Gross profit was RMB35.9 million, compared to RMB79.8 million for the same quarter last fiscal year. Gross margin was 10.0%, compared to 18.1% for the same quarter last fiscal year.

Adjusted gross profit[4] was RMB36.9 million, compared to RMB80.9 million for the same quarter last fiscal year.

Selling, General and Administrative (SG&A) Expenses from Continuing Operations

Total SG&A expenses were RMB119.3 million, representing an 18.3% decrease from RMB146.0 million for the same quarter last fiscal year. This improvement was mainly due to our continuous efforts to streamline our operations and improve operational efficiency in our headquarters.

Operating Loss/Income, Operating Margin and Adjusted Operating Income from Continuing Operations

Operating loss was RMB941.8 million, compared to RMB227.6 million for the same quarter last fiscal year. Operating loss margin was 262.9%, compared to 51.5% for the same quarter last fiscal year.

Adjusted operating loss[5] was RMB78.8 million, compared to RMB64.0 million for the same quarter last fiscal year.

Net Loss and Adjusted Net Income/Loss

Net loss was RMB1,004.7 million, compared to RMB340.3 million for the same quarter last fiscal year.

Adjusted net loss was RMB92.0 million, compared to RMB121.4 million for the same quarter last fiscal year.

Adjusted EBITDA[6]

Adjusted EBITDA loss was RMB81.8 million, compared to RMB55.0 million for the same quarter last fiscal year.

Net Loss per Ordinary Share/ADS and Adjusted Net Earnings/Loss per Ordinary Share/ADS

Basic and diluted net loss per ordinary share attributable to ordinary shareholders from continuing operations were RMB7.90 each, compared to RMB2.41 each for the same quarter last fiscal year.

Basic and diluted net loss per ordinary share attributable to ordinary shareholders from discontinued operations were RMB0.42 each, compared to RMB0.50 each for the same quarter last fiscal year.

Adjusted basic and diluted net loss per ordinary share[7] attributable to ordinary shareholders were RMB0.75 each, compared to RMB1.03 each for the same quarter last fiscal year.

Basic and diluted net loss per ADS attributable to ADS holders from continuing operations were RMB31.60 each, compared to RMB9.64 each for the same quarter last fiscal year.

Basic and diluted net loss per ADS attributable to ADS holders from discontinued operations were RMB1.68 each, compared to RMB2.00 each for the same quarter last fiscal year.

Adjusted basic and diluted net loss per ADS[8] attributable to ADS holders were RMB3.00 each, compared to RMB4.12 each for the same quarter last fiscal year.

UNAUDITED FINANCIAL RESULTS FOR THE FISCAL YEAR ENDED AUGUST 31, 2024

Revenue from Continuing Operations

Revenue was RMB1,755.2 million, compared to RMB1,772.1 million for the last fiscal year.

Overseas Schools: Revenue contribution was RMB951.2 million, representing a 17.5% increase from RMB809.5 million for the last fiscal year. The increase was mainly attributable to increases in both the number of students enrolled and the average tuition fees of overseas schools.

Complementary Education Services: Revenue contribution was RMB495.1 million, compared to RMB519.2 million for the last fiscal year. The decrease was mainly attributable to a reduction in extracurricular programs and study tours.

Domestic Kindergartens & K-12 Operation Services: Revenue contribution was RMB308.9 million, compared to RMB443.4 million for the last fiscal year.

Cost of Revenue from Continuing Operations

Cost of revenue was RMB1,251.6 million, or 71.3% of revenue, compared to RMB1,304.7 million, or 73.6%, for the last fiscal year. The improvement was mainly attributable to cost-saving measures.

Gross Profit, Gross Margin and Adjusted Gross Profit from Continuing Operations

Gross profit was RMB503.6 million, representing a 7.7% increase from RMB467.4 million for the last fiscal year. The increase was mainly attributable to the revenue growth in Overseas Schools. Gross margin increased to 28.7% from 26.4% for the last fiscal year.

Adjusted gross profit was RMB507.8 million, representing a 7.6% increase from RMB471.8 million for the last fiscal year.

Selling, General and Administrative (SG&A) Expenses from Continuing Operations

Total SG&A expenses were RMB469.0 million, representing an 8.1% decrease from RMB510.3 million for the last fiscal year. This improvement was mainly due to our continuous efforts to streamline our global operations and improve operational efficiency in our headquarters.

Operating Loss/Income, Operating Margin and Adjusted Operating Income from Continuing Operations

Operating loss was RMB820.4 million, compared to RMB161.7 million for the last fiscal year. Operating loss margin was 46.7%, compared to 9.1% for the last fiscal year.

Adjusted operating income increased by 856.3% to RMB50.5 million, from RMB5.3 million for the last fiscal year.

Net Loss and Adjusted Net Income/Loss

Net loss was RMB1,032.9 million, compared to RMB386.8 million for the last fiscal year.

Adjusted net income was RMB1.1 million, compared to adjusted net loss of RMB192.6 million for the last fiscal year.

Adjusted EBITDA

Adjusted EBITDA increased by 44.1% to RMB80.7 million, from RMB56.0 million for the last fiscal year.

Net Loss per Ordinary Share/ADS and Adjusted Net Earnings/Loss per Ordinary Share/ADS

Basic and diluted net loss per ordinary share from continuing operations attributable to ordinary shareholders were RMB7.18 each, compared to RMB3.03 each for the last fiscal year.

Basic and diluted net loss per ordinary share from discontinued operations attributable to ordinary shareholders were RMB1.22 each, compared to RMB0.30 each for the last fiscal year.

Adjusted basic and diluted net income per ordinary share attributable to ordinary shareholders were RMB0.04 each, compared to net loss per ordinary share attributable to ordinary shareholders of RMB1.63 each for the last fiscal year.

Basic and diluted net loss per ADS from continuing operations attributable to ADS holders were RMB28.72 each, compared to RMB12.12 each for the last fiscal year.

Basic and diluted net loss per ADS from discontinued operations attributable to ADS holders were RMB4.88 each, compared to RMB1.20 each for the last fiscal year.

Adjusted basic and diluted net income per ADS attributable to ADS holders were RMB0.16 each, compared to net loss per ADS attributable to ADS holders were RMB6.52 each for the last fiscal year.

Cash and Working Capital

As of August 31, 2024, the Company had cash and cash equivalents and restricted cash of RMB505.8 million (US$71.3 million), compared to RMB419.9 million as of August 31, 2023.

CONFERENCE CALL 

The Company’s management will host an earnings conference call at 7:00 a.m. U.S. Eastern Time (8:00 p.m. Beijing/Hong Kong Time) on November 25, 2024.

Dial-in details for the earnings conference call are as follows:

Mainland China:                  4001-201203
Hong Kong:                         800-905945
United States:                     1-888-346-8982
International:                       1-412-902-4272

Participants should dial in at least 5 minutes before the scheduled start time and ask to be connected to the call for “Bright Scholar Education Holdings Limited.”

Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at http://ir.brightscholar.com/.

A replay of the conference call will be accessible after the conclusion of the live call until December 2, 2024, by dialing the following telephone numbers:

United States Toll Free:      1-877-344-7529
International:                       1-412-317-0088
Replay Passcode:               7352870

CONVENIENCE TRANSLATION

The Company’s reporting currency is Renminbi (“RMB”). However, periodic reports made to shareholders will include current period amounts translated into U.S. dollars using the prevailing exchange rates at the balance sheet date for the convenience of readers. Translations of balances in the condensed consolidated balance sheets, and the related condensed consolidated statements of operations, and cash flows from RMB into U.S. dollars as of and for the quarter ended August 30, 2024 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB7.0900, representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board on August 30, 2024. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on August 30, 2024, or at any other rate.

NON-GAAP FINANCIAL MEASURES

In evaluating our business, we consider and use certain non-GAAP measures, including primarily adjusted EBITDA, adjusted net income/(loss), adjusted gross profit/(loss), adjusted operating income/(loss), adjusted net earnings/(loss) per share attributable to ordinary shareholders/ADS holders basic and diluted as supplemental measures to review and assess our operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. We define adjusted gross profit/(loss) from continuing operations as gross profit/(loss) from continuing operations excluding amortization of intangible assets. We define adjusted EBITDA as net income/(loss) excluding interest income/(expense), net, income tax expense/benefit, depreciation and amortization, share-based compensation expenses, impairment loss on property and equipment, impairment loss on goodwill, impairment loss on intangible assets, impairment loss on the long-term investments and income/(loss) from discontinued operations, net of tax. We define adjusted net income/(loss) as net income/(loss) excluding share-based compensation expenses, amortization of intangible assets, tax effect of amortization of intangible assets, impairment loss on goodwill, impairment loss on intangible assets, impairment loss on property and equipment, impairment loss on the long-term investments, and income/(loss) from discontinued operations, net of tax. We define adjusted operating income/(loss) from continuing operations as operating income/(loss) from continuing operations excluding share-based compensation expenses, amortization of intangible assets, impairment loss on property and equipment, impairment loss on goodwill, impairment loss on intangible assets and impairment loss on the long-term investments. Additionally, we define adjusted net earnings/(loss) per share attributable to ordinary shareholders/ADS holders, basic and diluted, as adjusted net income/(loss) attributable to ordinary shareholders/ADS holders (net income/(loss) to ordinary shareholders/ADS holders excluding share-based compensation expenses, amortization of intangible assets, tax effect of amortization of intangible assets, impairment loss on goodwill, impairment loss on intangible assets,, impairment loss on property and equipment, impairment loss on the long-term investments, and income/(loss) from discontinued operations, net of tax) divided by the weighted average number of basic and diluted ordinary shares or ADSs.

We incur amortization expense of intangible assets related to various acquisitions that have been made in recent years. These intangible assets are valued at the time of acquisition and are then amortized over a period of several years after the acquisition. We believe that exclusion of these expenses allows greater comparability of operating results that are consistent over time for the Company’s newly-acquired and long-held business as the related intangibles do not have significant connection to the growth of the business. Therefore, we provide exclusion of amortization of intangible assets to define adjusted gross profit from continuing operations, adjusted operating income/(loss) from continuing operations, adjusted net income/(loss), and adjusted net earnings/(loss) per share attributable to ordinary shareholders/ADS holders, basic and diluted. In addition, the strategic move to dispose of the non-core businesses is viewed as discontinued operations, which is a non-recurring item. The exclusion facilitates comparisons of our operating performance on a period-to-period basis. Therefore, we provide exclusion of income/(loss) from discontinued operations, net of tax, to define adjusted net income/(loss), adjusted EBITDA, adjusted net earnings/(loss) per share attributable to ordinary shareholders/ADS holders, basic and diluted.

We present the non-GAAP financial measures because they are used by our management to evaluate our operating performance and formulate business plans. Such non-GAAP measures include adjusted EBITDA, adjusted net income/(loss), adjusted gross profit/(loss) from continuing operations, adjusted operating income/(loss) from continuing operations, adjusted net earnings/(loss) per share attributable to ordinary shareholders/ADS holders basic and diluted. Non-GAAP financial measures enable our management to assess our operating results without considering the impact of non-cash charges, including depreciation and amortization and share-based compensation expenses, and without considering the impact of non-operating items such as interest income/(expense), net; income tax expense/benefit; share-based compensation expenses; amortization of intangible assets, tax effect of amortization of intangible assets, and without considering the impact of non-recurring item, i.e. income/(loss) from discontinued operations. We also believe that the use of these non-GAAP measures facilitates investors’ assessment of our operating performance.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using these non-GAAP financial measures is that they do not reflect all items of income and expense that affect our operations. Interest income/(expense), net; income tax expense/benefit; depreciation and amortization; share-based compensation expense; tax effect of amortization of intangible assets have been and may continue to be incurred in our business and are not reflected in the presentation of these non-GAAP measures, including adjusted EBITDA or adjusted net income/(loss). Further, these non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited.

About Bright Scholar Education Holdings Limited

Bright Scholar is a premier global education service Group. The Company primarily provides quality international education to global students and equips them with the critical academic foundation and skillsets necessary to succeed in the pursuit of higher education.  

For more information, please visit: https://ir.brightscholar.com/.

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, the Company’s business plans and development, which can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Such statements are based upon management’s current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control, which may cause the Company’s actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.

IR Contact:
Email: BEDU@thepiacentegroup.com
Phone: +86 (10) 6508-0677/ +1-212-481-2050

Media Contact:
Email: media@brightscholar.com

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SOURCE Bright Scholar Education Holdings Ltd.

DUBAI, UAE, Nov. 25, 2024 /PRNewswire/ — Hisense, a global leader in consumer electronics and home appliances, is thrilled to announce its highly anticipated “Unlocked for Exclusive Surprises” End-of-Year Sale in the UAE. Running until December 5, 2024, this campaign offers discounts of up to 55% on premium products, inviting consumers to unlock incredible savings and elevate their home with cutting-edge technology and innovative appliances.

Entertainment reaches a new level of portability with the ultimate companion for cinematic experiences, the compact yet powerful C1 Mini Projector. Delivering stunning visuals and sharp details, this device seamlessly combines versatility and immersive entertainment in one sleek design.

Home entertainment is redefined with a TV built for gaming, sports, and streaming—the ULED MiniLED U7. Its vibrant colors, precise contrast, and AI Sports Mode ensure flawless motion handling, while IMAX Enhanced certification and Multi-Channel Surround Sound deliver a truly cinematic experience.

Cinema magic comes home with a breathtaking 100-inch TriChroma™ display, courtesy of the 100L9H Laser TV. Featuring Dolby Vision and ultra-bright 4K resolution, it brings every scene to life with vivid detail and clarity, making it perfect for movie nights or big games.

As part of the “Unlocked for Exclusive Surprises” campaign, shoppers in the UAE can enjoy a complimentary 12-month Shahid VIP subscription for enhanced streaming, and a 3-year extended warranty for added peace of mind.

Advanced cooling technology ensures groceries remain fresh longer with the Super Cooling Series Refrigerator. Designed for energy efficiency and precise temperature control, this modern kitchen essential integrates convenience and functionality.

Spacious interiors, a sleek flat-door design, and smart cooling systems blend seamlessly in the RQ759 Smart PureFlat Refrigerator. Its combination of innovation and style elevates the aesthetics and practicality of any contemporary kitchen.

Laundry becomes smarter and more efficient with the 7S Smart Series Washing Machine. Featuring intuitive controls and eco-friendly settings, it delivers faster cycles and seamless cleaning, making it a valuable addition to any home.

Even the toughest cleaning challenges are tackled with ease by the Smart Dishwasher HS673C90BME. With advanced washing cycles, energy-efficient operation, and a sleek design, this high-performance appliance ensures sparkling clean dishes every time.

The “Unlocked for Exclusive Surprises” End-of-Year Sale by Hisense offers a unique opportunity to experience the best in entertainment, convenience, and style. With offers running until December 5, 2024, this campaign provides access to Hisense’s award-winning technology at exceptional prices, making it the perfect moment to upgrade and enhance everyday living.

Available Across the GCC

While UAE shoppers enjoy these exclusive promotions, Hisense’s premium products are also available across the GCC through leading retailers like Carrefour, Sharaf DG, and Lulu, as well as online platforms such as Amazon.ae and Noon.com.

About Hisense

Hisense, established in 1969, is a global leader in home appliances and consumer electronics operating in over 160 countries. Specialising in multimedia, home appliances, and IT solutions, Hisense prioritises integrity, innovation, and sustainability.

With over 50 years of expertise, Hisense offers top-quality products, exceptional after-sales services, and extensive warranties. The company pioneers cutting-edge technologies such as the Laser TV, ULED Local Dimming Backlight Control and chip technology, developing 8K ultra high-definition display chips, TV SoC chips, and AI chips. Beyond consumer electronics, Hisense excels in B2B industries such as intelligent transportation, medical technology, and optical modules.

Hisense proudly owns and has acquired renowned brands, including Toshiba TV, gorenje, Kelon, Ronshen, and ASKO, solidifying its position in the market. As a sponsor of major sporting events, Hisense has been associated with events such as FIFA World Cup Qatar 2022™, UEFA EURO 2020™ and UEFA EURO 2024™, and clubs such as Paris Saint-Germain. In 2024, Hisense further strengthened its sports partnerships by forming a strategic alliance with Real Madrid focused on the MEA region, highlighting its commitment to excellence and innovation.

With 34 industrial parks, 26 R&D centres and 66 overseas companies, Hisense continues to lead the industry with a diverse range of products. With regional headquarters in Dubai, UAE, and 5 offices across the MENA region, Hisense ensures efficient manufacturing, innovation, and distribution, to meet the evolving needs of consumers in the market. Stay updated with all the latest developments on the website: https://hisenseme.com/

Photo: https://mma.prnewswire.com/media/2566552/Hisense_Middle_East.jpg

View original content:https://www.prnewswire.co.uk/news-releases/hisense-launches-end-of-year-sale-in-uae-with-up-to-55-discounts-302315305.html

82% of ‘young leaders’ are already leveraging AI tools in their work.98% anticipate that AI will have an impact on their industry or workplace within the next 5 years.

SUNNYVALE, Calif., Nov. 25, 2024 /PRNewswire/ — Today, Google Workspace—the productivity platform that includes AI-powered tools like Gmail, Docs, Drive, and more and is relied on by more than 3 billion users—shared new research that showcases the widespread adoption and value of generative AI (gen AI) across rising leaders at work. Conducted by The Harris Poll and commissioned by Google Workspace, the study is based on a survey of over 1,000 U.S.-based knowledge workers ages 22-39 years old who currently have or aspire to hold a leadership position at work (‘young leaders’).

82% of individuals surveyed are already leveraging AI tools in their work and almost all (98%) of those surveyed anticipate that AI will have an impact on their industry or workplace within the next 5 years. What’s more, 93% of young leaders who identify as Gen Z and 79% who identify as millennials use 2 or more tools on a weekly basis. And they’re excited to talk about how they’re using them: Over 50% of the AI users surveyed regularly share their experiences and insights with colleagues, with 75% of them having suggested gen AI tools to their peers.

AI gives young leaders the boost they need at work
In addition to the excitement around and anticipated impact of AI, the survey found that individuals are using AI to supercharge productivity and enhance communication to solve common challenges for the modern worker. For instance, 70% have used AI for tasks like drafting email responses, writing challenging emails from scratch, or helping to overcome language barriers. More key findings include:

Overcome task paralysis: 88% say they would use AI to start a task that feels overwhelming.Improve writing: 88% also agree that AI can help them strike the right tone in their writing.More flexibility: 87% of respondents believe that AI can make them more comfortable composing lengthy emails on their phone, while 90% also believe they would feel more confident joining meetings on-the-go if they knew AI was taking meeting notes for them. This can be especially impactful when considering hybrid work, and the value of empowering people with tools to support more flexible collaboration from anywhere.

“Our research shows that emerging leaders are adopting AI to increase their impact at work,” said Yulie Kwon Kim, VP of Product, Google Workspace. “Rising leaders are not simply using AI as a tool for efficiency, but as a catalyst to help grow their careers.”

Leveraging AI to foster leadership skills and more
In addition to demonstrating a strong correlation between the use of gen AI and increased productivity, the data shows how AI can help scale business-critical soft skills, such as the ability to collaborate with others, communicate effectively, lead a team, and more. It not only helps individuals get work done faster and more efficiently, but also changes how they work in meaningful ways. Key findings include:

Improve management capabilities: 86% believe that AI can help current leaders become better managers, while 79% are interested in using AI to become a better manager.Enhance communication: 47% say AI can help enhance communication to improve problem solving and facilitate better relationships. With hybrid work, enabling strong communication is more important than ever. AI can help enhance cross-team communication, ensuring teams stay coordinated. Bigger impact: 50% recognize the current and potential impact of AI on automating routine tasks to free up their time to focus on more strategic work.

“The future of work is here—and it’s AI-powered,” Yulie Kwon Kim added. “Rising leaders are not only advocating for AI—they’re deploying this technology in meaningful ways, from improving communication with colleagues to freeing up time for strategic work.”

Survey methodology
This report is based on a survey of 1,005 knowledge workers ages 22-39 years old who are employed or self-employed full-time and currently hold or aspire to hold a leadership position. The survey respondents are based in the U.S.

About Google Workspace
Google Workspace is a suite of productivity apps, including Gmail, Drive, Calendar, Docs, Meet, Vids, and more, that are trusted by more than 3 billion users and over 10 million paying customers. Google Workspace helps people and teams do their best work across any device, from anywhere. AI has been used in Google Workspace for years to improve grammar, efficiency, security, and more with features like Smart Reply, Smart Compose, and malware and phishing protection in Gmail. Now, Gemini for Google Workspace brings AI into the entire suite.

About Google Cloud
Google Cloud is the new way to the cloud, providing AI, infrastructure, developer, data, security, and collaboration tools built for today and tomorrow. Google Cloud offers a powerful, fully integrated and optimized AI stack with its own planet-scale infrastructure, custom-built chips, generative AI models and development platform, as well as AI-powered applications, to help organizations transform. Customers in more than 200 countries and territories turn to Google Cloud as their trusted technology partner.

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SOURCE Google Cloud