If you’re invested in a for-profit education company and you have a long-term outlook, there’s one metric that trumps all the rest: enrollment growth. It’s not that expenses and profitability aren’t important. But without students flocking to your schools, there’s little chance for everything else to fall into place.

So when Chinese K-12 education company New Oriental Education (NYSE: EDU) reports enrollment growth of 82%, there’s a lot to be excited about. But dig into the details, and you’ll see this figure was artificially inflated. While that might put a damper on the headline numbers, the school still reported solid progress across the board.

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New Oriental Education earnings: The raw numbers

Before diving into those details, let’s review how the company

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