Q3 2021 Meten Holding Group Ltd Earnings Call
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Good morning, ladies and gentlemen, and welcome to American hobbies groups third quarter and the nine months of 2021 earnings conference call.
So they are the company's chairman of the board Mr. Joseph Chow, the company's Chief Executive Officer.
Mr. Our lives at home and the company's fitness Vice President He's searching James.
We'll start today's presentation with an overview of the third quarter and my most of 'twenty 'twenty. One performance then Ching will show more details about our financial performance. After the presentation, we will be happy to take any questions you might have during the Q&A session now I would like to turn our COO.
Call over to Don Allan Please go ahead.
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Thank you for joining message holding groups third quarter and first nine months of 2021 earnings presentation. Today I will begin my remarks by providing an overview of the company's business adjustments and optimization. During the first nine months of 2021, followed by a summary of the company's third quarter and the first nine.
Months of 2021 performance.
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In the third quarter of 2021, we have significantly reduced the number of our offline learning centers to effectively reduce the impact of the resurgence of the COVID-19 pandemic on our offline business operation.
Roof resource utilization and prepare for the company's business transformation as a result, the number of learning centers is reduced to one or two centers in each city.
With the initiation of this business adjustment the Companys performance has been relatively impacted in the third quarter of 2021 from a long term perspective. These measures will greatly reduce the company's fixed costs.
Kris profit margins and reduce operational risks.
Following an effective resource reload relocation the company expects that the operating condition and profitability of offline learning centers will be significantly improved once the COVID-19 pandemic situation gets better next year.
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In addition to adjusting the existing businesses, we are planning to launch new business strategy to explore opportunities related to the matter first we plan to use it offline said our offline centers to launch a new line of business for career planning and professional skills training related to the Medicare's. We also plan to build a meta versus communities.
An experienced centers within our offline centers in the future.
We aim to provide an enhanced interactive experience to our customers by combining the experience of virtual and real world, which will increase the attractiveness of our offline centers and raise awareness of our brand.
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The company will actively explore overseas opportunities in the emerging industry of blockchain and crypto currency. During the past month, we have established a strategic partnership with a G. M group. The company is actively seeking for opportunities and mine construction mining and manufacturing and sales of mining machines.
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In addition to this we are planning to join a crypto currency related fun as the limited partners L. P to further expand our vision and seek for opportunities to invest in companies with tremendous potential.
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These new business opportunity or an inflection of the company moving to a new strategic direction for its future business development. Once new businesses are put into operation. They will generate additional revenues for the company. The company expects that with the commitment from the management and strategic transformation, taking place it will gradually growing.
Become a metaverse technology company in the next one to two years.
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Now, let's look at some of the operational developments of the third quarter and first nine months of 2021 in more detail.
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My son, holding group continued to invest in product development during the third quarter of 2021, leveraging several recently launched new products across both offline and online platforms, which included four new languages, Japanese Spanish Korean and German product lines.
For the first nine months of 2021, the company's gross billings.
<unk> from Japanese Spanish Korean and German languages training services was 884 million renminbi or 1.372 million U S dollars.
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In the third quarter of 2021 revenue decreased 36, 9% year over year to.
$187 9 million renminbi or $29 2 million U S dollars.
In the first nine months of 2021 revenue decreased 10, 4% year on year to $599 2 million renminbi or $93 million, primarily as a result of the resurgence of COVID-19, and a reduction in number of offline learning centers.
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In the third quarter of 2021 gross profit decreased by 49, 1% year on year, primarily as a result of the decline in gross billing.
In the nine months of 2021 gross profit gross profit decreased by 7.0% year on year.
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I will now invite Jim Jane to talk to you about our financial performance in more detail.
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For the third quarter of 2021 total revenue amounted to $187 9 million renminbi or $29 $2 million a year on year decrease of 36, 9% for the first nine months of 2021 revenue amounted to $599 2 million renminbi or 93.
<unk> 0.0 million U S dollars a year on year decrease of 10, 4%.
Primarily as a result of the resurgence of COVID-19, and a reduction in number of offline learning centers.
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For general Adult E. L. T revenues decreased 64, 3% year on year from $114 1 million renminbi in the third part of 2020 to $40 7 million RMB or $6 $3 million in the third quarter of 2021, primarily due to the resurgence of Covid nine.
And the closure of offline training learning centers for overseas training services revenues had a year on year decrease of 6.0% from $45 4 million renminbi in the third part of 2020 to $42 7 million renminbi or $6 6 million U S.
Dollars in the third quarter of 2021 for.
For general Adult E. L. T revenues decreased 17, 7% year on year from Renminbi from $227 2 million renminbi in the first nine months of 2020 to 187.0 million renminbi or 29.0 million U S dollars in the first nine months of.
2021 for overseas training services revenues increased $38 four year on year to $119 6 million.
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86.4 million renminbi in the first nine months of 2020.
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For junior ELT revenues decreased from 60.0 million rather than be in the third quarter of 2020 to $24 8 million renminbi or $3 8 million U S dollars in the third quarter of 2021, primarily due to the resurgence of COVID-19, and the impact of the double reduction policy for <unk>.
<unk> revenues decreased from $115 2 million renminbi in the first nine months of 2020 to $73 1 million renminbi or.
11, 4 million U S dollars in the first nine months of 2021.
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For online E. L. T revenues increased 0.3% from $76 1 million renminbi in the third quarter of 2020 to $76 4 million renminbi or $11 9 million U S dollars in the third quarter of 2021 revenues decreased 10, 3% year on year from.
$232 4 million renminbi in the first nine months of 2020 to 200.
And $8 6 million renminbi or $32 4 million U S dollars in the first nine months of 2021. This slight decrease was mainly due to the fact that the company's online ELT businesses.
Reached a peak as a result of the COVID-19 in the same period last year.
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In the third quarter of 2021, our operating costs, which consist primarily of staff cost property expenses, depreciation and amortization et cetera decreased by 27, 9% from $171 8 million renminbi in the third quarter of 2020 to $123 8 million renminbi or $19 2 million.
Dollars.
In the first nine months of 2021 operating cost decreased by 12.0% to $398 2 million renminbi or 61 8 million U S dollars from $452 6 million renminbi in the first nine months of 2020.
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Gross profit for the third quarter of 2021 decreased by 49, 1% year on year to 64.0 million renminbi or $9 9 million U S dollars.
First nine months of 2021 gross profit decreased by 7.0% year on year to 201.0 million renminbi or $31 2 million U S dollars to decline due to the decline in gross billings.
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As a result gross profit margin for the third quarter of 2021 decreased by eight two percentage point year on year to 34, 1% gross profit margin for the first nine months of 2021 increased by one two percentage points year on year to 33, 5%.
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Selling and marketing expenses in the third quarter of 2021 amounted to $61 7 million of R&D or $9 $6 million, representing a decrease of 27, 7% year on year, selling and marketing expenses in the nine months of 2021 amounted to $209 3 million renminbi.
Our $32 $5 million, representing a decrease of six 9% year on year.
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Research and development expenses in the third quarter of 2021 decreased by 49.0% year over year to $3 2 million renminbi.
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3 million renminbi in the third quarter of 2020.
R&D expenses in the first nine months of 2010, one decreased by 50.0.
Percent year on year to $10 7 million renminbi or $1 7 million U S dollars from 21 5 million renminbi in the first nine months of 2020.
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General and administrative expenses in the third quarter of 2021 increased by 76, 4% year on year to $165 8 million renminbi or $25 7 million U S dollars from 94.0 million renminbi in the third quarter of 2020 general and administrative expenses in the first nine months of 2021.
Kris by 38, 3% year on year to $310 3 million renminbi or $48 $2 million from $224 4 million rather than be in the first nine months of 2020. This increase was primarily due to the increase in the impairment loss of goodwill and share based.
<unk> expenses.
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For the third quarter of 2021 loss from operations was $166 8 million renminbi or $25 $9 million compared to a loss from operations of $59 8 million renminbi in the third quarter of 2020 for the first nine months of 2021 loss from operations was $329.
4 million renminbi or $51.1 billion compared to a loss from operations of $254 7 million renminbi and the first nine months of 2020.
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For the third quarter of 2021, net loss was $175 3 million renminbi or $27 2 million U S dollars compared to a net loss of 39.7 million renminbi in the third quarter of 2020 for the first nine months of 2021 net loss was 300 foot.
345.0 million renminbi, or $53 5 million U S dollars compared to a net loss of $234 8 million renminbi in the first nine months of 2020.
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And finally as of September 30th 2021, meta and holding group had $279 9 million renminbi or 43.4 U S dollars of cash and cash equivalents.
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I will now turn the call over to our chairman, Jason who will provide an update on met and holding groups outlook.
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As an online and offline training organization that provides comprehensive workplace training services Merton holding group is actively exploring emerging business opportunities in the field of meta first blockchain crypto currency, which are the strategic directions for us to approach as mentioned previously the company expects develop and become a meta versus technology company.
The next one to two years looking forward, while maintaining our competitiveness in the training service industry given by our commitment of continually developing new technologies. We aim to take advantage of these developments to further explore the various possibilities in the <unk> field.
Yeah.
Ladies and gentlemen that concludes our presentation for today, well then I'll take any questions you may have.
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Ah I haven't got a few questions. So first question is can you share more information regarding the situation of the coffee a streaming service.
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Okay.
So recently, our training businesses have had been affected a lot by the.
By the COVID-19 epidemic.
T D.
The epidemic will hit different cities at different times, and because of that whenever that happens.
We had to close are the center. According to the government regulations. Furthermore, something some centers have been affected by the double reduction policy, which affected the desire of some parents to continue to have their children study English in our some of our centers.
In order to.
In order to face this challenge meta and met the holding group has decided to reduce the number of centers and to make sure that the number of centers in each city should be one to two.
In the third quarter. This this way of doing things has actually.
<unk> has proven.
Successful and the only centers that we have left in each city are all stronger centers.
Furthermore, we are also thinking of not only providing English training services, but also a help with people in their career development and as well as help with them on how to use a meta versus in the future.
And this will be this will be one of our priorities in the fourth quarter.
Okay.
Okay. Thank you for sharing that so my second question is.
Oh, gosh, probably actively exploring the opportunity could be about.
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Okay.
So in the third quarter, we have continued to explore.
Current opportunities one of the most interesting one is the one related to the meta versus are we believe that the next 20 years, there will be a lot of new opportunities and challenges related to this exploration to this.
This type of technology.
We believe and this is why that we have used this opportunity in the third quarter to announce.
That we would be changing our model and prioritizing.
<unk> training related to how to make use and take advantage of the meta first how to develop.
[noise] abilities and skills related to deaths and even develop new careers related to the meta versus we are also looking at crypto currency and mining and a lot of these other.
<unk>.
Technologies, because we believe that using all of this we.
We will be able to bring our company into.
New new levels, we weren't going to have like a new technologies, we will have new models and we will have a lot of new business opportunities.
The next question comes from Rama <unk>.
Please go ahead. Thank you.
Yes, good morning, I wanted to inquire about the.
For that matter versus trading business in the future.
Do you think that that might begin generating revenues and begin operations and also how do you go about recruiting professors teachers for that business. Thank you.
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Yeah.
Okay.
So as far.
Basically right now we have a lot of.
There's a lot of ideas coming on we are we believe that with crypto currency or use of the meta versus there will be a lot of demand for our training and learning of how to take.
<unk> of this.
Right now in China, we have over a million of people who are actually trying.
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Now when it comes to how to.
Recruit teachers are Alan said that.
Actually we are going to be using a lot of ways. One of them is we have partnerships with people in China as well as in universities and platforms. All around the world. We are also able to take advantage of our platform to a higher newly graduate.
And we of course also have access to a lot of forums, where we have a lot there are a lot of professionals.
And so that's the second part of the sensor.
Okay. Thank you very much.
Yes.
Okay.
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Thank you don't keep talking yeah, Yes, you have when you factor those things don't look like how would you think he had come to I argued that.
Yeah.
Yeah.
Okay. Thank you everyone.
See you.