Company timezone does not get updated for report schedules.
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You have just changed the Time Zone setting in System Preferences (System > System Preferences > Time Zone) and set it to company timezone, however when you go to report schedules & try to setup a report the timezone, still reflects the previous time zone.
After changing the timezone ensure you log out and log back in to see the changes, else this change is not displayed on the screen. However, even if you go ahead and setup report schedule in a different timezone it will automatically be converted to company timezone once you logout and log back in.