Q3 2022 New Oriental Education & Technology Group Inc Earnings Call

April 26, 2022

Speaker 1: Or o.

Operator 2: Good evening, and thank you for standing by for New Oriental's FY 2022 Q3 Results Earnings Conference Call. At this time, all participants are in the listen-only mode. After management's prepared remarks, there will be a question and answer session. Today's conference is being recorded. If you have any objections, you may disconnect at this time. I'd now like to turn the meeting over to your host for today's conference, Ms. Sisi Zhao.

Operator: Good evening, and thank you for standing by for New Oriental's FY 2022 Q3 Results Earnings Conference Call. At this time, all participants are in the listen-only mode. After management's prepared remarks, there will be a question and answer session. Today's conference is being recorded. If you have any objections, you may disconnect at this time. I'd now like to turn the meeting over to your host for today's conference, Ms. Sisi Zhao.

Speaker 2: Good evening and thank you for standing by for a new orientals FY 2022: third quarter results- earnings conference call at the time or dis spen in the listen only mode. After management's prepared remarks, there will be a question-and-answer session. Test!

Speaker 2: Today's conference is being recorded. If you have any objections, you may disconnect at this time. I'd now like to turn a meeting over to your host for today's conference, Ms Sisi Zhao.

Sisi Zhao: Thank you. Hello, everyone, and welcome to New Oriental's Third Fiscal Quarter 2022 Earnings Conference Call. Our financial results for the period were released earlier today and are available on the company's website as well as on newswire services. Today you will hear from Stephen Yang, Executive President and Chief Financial Officer. After his prepared remarks, Stephen and I will be available to answer your questions. Before we continue, please note that the discussion today will contain forward-looking statements made under the Safe Harbor Provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, our results may be materially different from the views expressed today. A number of potential risks and uncertainties are outlined in our public filings with the SEC.

Speaker 3: Thank you. Hello everyone and welcome to New Oriental Education & Technology Group third fiscal quarter 2022 earnings conference call. Our financial results for the period were released earlier today and are available on the company's website as well as on [inaudible]. Today you will hear from Stephen Yang, [inaudible] President and Chief Financial Officer. After his prepared remarks, Stephen and I will be available to answer your questions. Before we continue, please note that the discussion today will contain forward looking statements made under the Safe Harbor Previsions of the US Private Securities Litigation Reform Act of 1995. Forward looking statements involving inherent risks and uncertainties. As such, our results may be materially different from the views expressed today. A number of potential risks and uncertainties are outlined in our public findings with the SEC. New Oriental Education & Technology Group does not undertake any obligation to update any forward looking statements except as required under applicable law.

Sisi Zhao: New Oriental does not undertake any obligation to update any forward-looking statements except as required under applicable law. As a reminder, this conference is being recorded. In addition, a webcast of this conference call will be available on New Oriental's investor relations website at investor.neworiental.org. I'll now turn the call over to Mr. Yang. Stephen, please go ahead.

Stephen Yang: Thank you, Cissy. Hello, everyone, and thank you for joining us on the call. Before we begin, I would like to convey our sympathy to all the people who have been impacted by the pandemic and thank all the healthcare heroes and local authorities for their hard work and commitment during this difficult time. It's been a while since our last earnings conference call, and we would like to take the opportunity to extend our gratitude to those who have been supporting and believing in New Oriental. While our business in the previous quarters was perhaps characterized by the significant costs incurred from cancellation of class, closure of the schools and learning centers, and employee layoffs as a result of government's policy introduced last year.

Speaker 4: Gratitude to those who have been supporting and believing New Oriental Education & Technology Group.

Speaker 5: While our business in the previous quarters were characterized by a significant cost incurred from cancellation class, close of the schools and learning centers, and employee layoffs as a result of the government's policy introduced last year.

Speaker 5: Close of the schools and learning centers and employee layoffs as a result of government's policy introduced last year.

Stephen Yang: This quarter was about turning over a new leaf with new and decisive endeavors in innovative business opportunities as the company embarks on a fresh journey that strives to encourage all-around development of students. Despite the challenges the company is facing during this restructuring phase, we're pleased to see a promising trend in our key remaining businesses, and positive momentum emerging across many of our new initiatives as we announce the latest set of financial results. Our key remaining businesses have shown remarkable resilience as Overseas Test Prep business and Overseas Study Consulting business recorded a year-over-year revenue growth of about 8% and 26% respectively for the first nine months of the current fiscal year. In the same period, our adult and university student business has performed exceptionally and recorded a rapid growth of approximately 59% year-over-year.

Speaker 5: This quarter was about turning over a new leaf with new and decisive endeavors and innovative business opportunities. As the company embarks on a fresh journey that strive to encourage all around development of students.

Speaker 4: Despite the challenges the company is facing during this restructuring phase, we're pleased to see a promising trend in our key remaining businesses and positive momentum emerging across many of our new initiatives. As we [inaudible] financial results.

Speaker 4: Our key remaining business have shown remarkable resilience as Overseas H frat business and Overseas Study Consultant business recorded the year-over-year revenue growth of about 8% and 26% respectively for the first nine months of the current fiscal year.

Speaker 4: This in period, our adult and university student business has performed exceptionally and recorded the record growth of approximately 59% year-over-year.

Stephen Yang: Simultaneously, our management team's entrepreneurial spirit has come to the forefront at such time of the change. We have been exploring new business opportunities, including non-academic tutoring, intelligent learning system and device, study tour and research camp, educational material, and digitalized smart study solutions, as well as exam prep courses designed for the students with junior college diplomas to obtain bachelor's degree. Now, I would like to spend some time to talk about this quarter performance across our remaining business lines and introducing our new initiatives in detail. Our key remaining business got a promising trend breaking it down. The overseas test prep business recorded a revenue increase of about 8% in dollar terms for the first nine months of this fiscal year.

Speaker 6: Now is named mainly our management team's entrepreneurial spirits has come to the forefront. As such PE such time of the change.

Speaker 5: And we have been exploring new business opportunities, including anic children.

Speaker 5: intelligental learning system. deve studied war and research. canant educational of material and digizede the smart studies solutions as well as exam prab courses. Designs for the students with the junior college diplomas to obtain benchular' stwe.

Speaker 5: Now I would like to spend some time to talk about this quarter performance across our remaining business lines and introducing our new initiatives in detail. Our key remainder businesses got a promising trend breaking it down. The overseas [inaudible] business recorded the revenue increase of about 8% in dollar terms for the first nine months of the fiscal year.

Stephen Yang: The overseas study consulting business recorded revenue increase about 26% in dollar terms year over year for the first nine months of this year. The domestic test prep business targeting adults and the university students recorded the rapid growth of approximately 59% year-over-year for the first nine months of this year. As for our new business initiatives, we have launched 5 new initiatives in the past months, which mostly revolve around facilitating students all around developments. I'm glad to share with you that these new initiatives have shown positive momentum. Firstly, the dynamic children business, which we have rolled out in over 60 existing cities, focused on cultivating students' innovative ability and comprehensive quality. We're happy to see increased market penetration in those markets that we have tapped into. The top 10 cities in China have contributed more than 60% of the revenue of this business.

Speaker 5: The Overseas Study Consulting business recorded revenue increased about 26% in dollar term year over year for the first nine months of this year.

Speaker 5: The [inaudible] business targeting adults and the university students recorded the revenue growth of approximately 59% year-over-year for the first nine months of this year.

Speaker 4: As for our new business initiatives, we have launched five new initiatives in the past months, which mostly revolved around facilitating students all around development. I'm glad to share with you that these new initiatives have shown positive momentum.

Speaker 4: Development I'm glad to share with you that these new initiatives have shown posity momentum.

Stephen Yang: Firstly, the dynamic children business, which we have rolled out in over 60 existing cities, focused on cultivating students' innovative ability and comprehensive quality. We're happy to see increased market penetration in those markets that we have tapped into. The top 10 cities in China have contributed more than 60% of the revenue of this business.

Speaker 4: Firstly, [inaudible] children business, which we have rolled out in over 60 existing cities; focused on cultivating students innovative ability and comprehensive quality. We're happy to see increase in the market penetration in both markets that we have tapped into.

Speaker 5: The top 10 cities in China have contributed more than 60% of the revenue of this business.

Stephen Yang: Secondly, the intelligent learning system and device business is a service designed to provide a tailored digital learning experience for students. It utilizes our past teaching experience, data, and technology to provide personalized and targeted learning and exercise content together with our teachers monitoring and assessing the learning curve for our students as a back-end system. The new educational service not only greatly improves students' learning efficiency, but also cultivates students' proactive learning habits. We have tested its adoption in over 50 existing cities and are delighted to see improved customer retention and scalability of this new initiative. The revenue contribution of this initiative from the top 10 cities in China is over 65%.

Speaker 5: Secondly, the intelligence learning system and device business is a service designed to provide a tailored digital learning experience for students. We utilize our past teaching experience, data, and technology to provide personalized and targeted learning and exercise content. Together with our teachers' monitoring and exercising the learning curve for our students as a back-end system.

Speaker 5: It's a service designed to provide a tailored digital learning experience for students. We utilize our past, the teaching experience, data and technology to provide personalized and targeted the learning and exercise content, together with our teachers' to mitoring and exercising and exercing the learning curve for our students as a back-end system.

Speaker 5: We utilize our past, the teaching experience, data and technology to provide personalized and targeted the learning and exercise content, together with our teachers' to mitoring and exercising and exercing the learning curve for our students as a back-end system.

Speaker 5: The new educational service not only greatly improves students learning efficiency, but also cultivate students proactive learning habits.

Speaker 5: We have tested this adoption in over 50 existing cities and are delighted to see improved customer retention and scalability of this new initiative.

Speaker 5: The revenue contribution of this initiative from the top 10 cities in China is over 65%.

Stephen Yang: Meanwhile, the study tour and research camp business is an initiative that aims at offering students the opportunity to fully leverage their free time and holidays to broaden the scope of knowledge and cultivate subjects interest. We have conducted study tours and research camps in over 50 cities across the country. The revenue contribution of these initiatives from the top 10 cities in China is over 55%. We're also very excited about the prospect of the educational material and digitalized smart study solutions. A self-learning system leveraging advanced technology that enables students to have complete control over the pace and flexibility of learning in an age where remote learning becomes increasingly mainstream.

Speaker 4: Meanwhile, the Study Tour and Research camp business is a initiative that aims at offering students the opportunity to fully leverage their free time, holidays to broaden the self knowledge and cultivate subject interest.

Speaker 5: We have conducted the study tours and the research camps in over 50 cities across the country.

Speaker 5: The revenue contribution of these initiatives from the top agencies in China is over 55%.

Speaker 5: We're also very excited about the prospect of the educational material and digitalize the smart study solutions.

Speaker 4: A self-learning system leveraging advanced the technology that enables students to have complete control over the pace and flexibility of learning in today's age where remote learning becomes increasingly mainstream.

Stephen Yang: In addition, New Oriental's Smart Education business comprise smart teaching, smart hardware, science and technology, innovation and education, and other service, providing high-quality educational resources and comprehensive service for local governments, education authorities, primary and secondary schools, and kindergartens. The products and services related to scientific enlightenment, aerospace feature, and artificial intelligence Smart Education business have a presence in over 2,000 kindergartens and over 500 primary, secondary schools across the country. Last but not least, one other new initiative I would like to share is exam-prep course designed for students with junior college diplomas to obtain bachelor's degrees.

Speaker 4: In addition, New Oriental Education & Technology Group smart education business is comprised of smart teaching, smart hardware, science and technology innovation education and other service. Providing high-quality educational resources and comprehensive services for local governments, education authorities, primarily, and secondary schools, and kindergartens.

Speaker 4: The products and services relates to scientific enlightenment, aerospace feature and artificial intelligence. Smart education business have a presence in over 2000 kindergartens and over 500 primary secondary schools across the country.

Speaker 5: Last but not least, another new initiative I would like to share is Exam Prep course, designed for students with junior college diplomas to obtain bachelor's degree.

Stephen Yang: It has become a very common goal among many associate degree holders in the country to progress further in their education ladder by applying to university, and we saw this gap in the market, providing exam prep service to these diplomas and college students who would require support in taking that leap forward to the university level. We're piloting such courses in some higher-tier cities now, and plan to roll it out to more cities in the next fiscal year. During the last two fiscal quarters, we have been fully committed to complying with the government's policy, and as a result, the total number of schools and learning centers was reduced to 847 by the end of this fiscal quarter.

Speaker 5: It has become a very common goal among many associate degree holders in the country to progress further in their education letter by applying to universities. And we saw this gap in market- is providing exam prep service to these diplomas and college students.

Speaker 5: Who would require support in taking that leap forward to the University level. We're piloting such courses in some higher tier cities now and plan to roll it out to more cities in the next fiscal year.

Speaker 4: During the last two physical quarters. We have been fully committed to comply in the government's policy.

Speaker 4: And as a result, the total number of schools and learning centers was reduced to 847 by the end of this physical quarter.

Stephen Yang: The significant change in our structure have underscored the importance of our industry-leading OMO system, which have been one of the constants during the company's restructuring phase as we remained committed to investing in the R&D of the technology. The OMO has been instrumental during the restructuring process, as well as the COVID-19 outbreaks in certain parts of China, where strong flexibility is required in migrating students between online and offline classes to minimize learning disruption. We continue to our efforts in developing and revamping our OMO teaching platform, and capitalize leveraging our education infrastructure and technology strengths across our remaining key businesses and new initiatives to provide more advanced and diversify the education services to our customers for all ages.

Speaker 4: The significant change in our structure have [inaudible] the importance of our industry-leading OMO system, which have been one of the consistent during the company's restructuring phase, as we remain committed to investing in the RMD of the technology.

Speaker 4: The OMO has been instrumental during the restructuring process, as well as the COVID-19 outbreaks in certain part of China where strong flexibility is required in migrating students between online offline classes to minimize learning disruption.

Speaker 4: We continue our efforts in developing and rebranding our OMO teaching platform and caps leveraging our education infrastructure and technology strength across our remaining key business and new initiatives to prove more advanced and diversify the education service to our customers for all ages.

Stephen Yang: We invested $27 million in the quarter, and $129 million in the first three quarters of this fiscal year to improve and maintain our OMO teaching platform, which ensured that our high-quality service to students during the pandemic is uncompromised. Regarding the performance of our pure online platform, Koolearn, in light of the changing landscape of the education industry in China, Koolearn has been actively seeking new market opportunities by leveraging existing infrastructure and technology, shifting strategic focus and adjusting existing business lines and service offerings. On the other hand, Koolearn continued to expand the developments of existing college and institution business segments, as well as online education products and service offering.

Speaker 4: We invested $27 million in a quarter and $129 million in the first three quarters of this fiscal year to improve and maintain our OMO teaching platform. Which in short, that our high-quality service to students during the pandemic is compromised.

Speaker 4: Regarding the performance of our pure online platform, Koolearn. In light of the changing landscape of the education industry in China, Koolearn has been actively seeking new market opportunities by leveraging existing infrastructure and the technology. Shifting a strategic focus and adjusting existing business lines and service offerings.

Speaker 4: And the technology shifting stretched a strategic focus and adjusting existing business lines and service offerings.

Speaker 5: On the other hand, Koolearn continued to expand the developments of existing college and institution business segments, as well as online education products and service offering.

Stephen Yang: On the other hand, it's implementing structural changes to meet the needs of the changing regulatory and educational environment by actively exploring new initiatives to broaden customer base and offerings. Some of the new initiatives that Koolearn have been exploring, including live stream marketing of the traditional Chinese culture and high quality agriculture and other products from different places of our region in China, seeking institutional cooperation and developing new intelligent learning innovations. After the introduction of the tightened government policy on after-school tutoring last year, which has no doubt posed a direct impact to our business. We have received many inquiries and concerns from investors over the company's financial position.

Speaker 5: On the other hand, it's implementing structural changes to meet the needs of the changing regulatory and educational environment, by actively exploring new initiatives to broaden customer base and offerings.

Speaker 4: Some of the new initiatives that Koolearn have been exploring, including livestream marketing of the traditional Chinese culture and high-quality agriculture and other products from different players of our region in China.

Speaker 4: Seeking institutional cooperation and developing new intelligent learning innovations.

Speaker 4: After the introduction of the ties and government policy after [inaudible] last year, which has no doubt post a direct impact to our business.

Speaker 4: We have received many inquiries and concerns from investors over the company's financial position.

Stephen Yang: As a company with longstanding heritage, we have always made sure that we're prepared for and capable in weathering changes in the market, and that is reflected in our ability to maintain strong cash position throughout the whole process. By the end of the quarter, our cash and cash equivalents, term deposits, and short-term investments totaled approximately $4.4 billion. In Q2 and Q3 of this fiscal year, the company incurred considerable costs from the termination of its leasing agreements in relation to the closure of the learning centers and employee layoffs. We believe that these costs generated during a restructuring phase are temporary, as they are non-recurring losses. With the process of school closure now largely completed, it signals that the company has now entered a stage of this starting afresh, exploring new opportunities with greater flexibility and strong cash flows.

Speaker 4: As a company with long-standing heritage, we have always made sure that we prepared for and are capable in weathering changes in the market and various reflects in our ability to maintain strong cash posions throughout the whole the process.

Speaker 4: By the end of the quarter our cash and cash equivalent term deposit and short-term investments totaled to approximately $4.4 billion.

Speaker 4: In the second and third quarter of this fiscal year, the company incurred a considerable cost from the termination of its leasing agreements in relation to the closure of the learning centers and the employee layoffs.

Stephen Yang: We believe that these costs generated during a restructuring phase are temporary, as they are non-recurring losses. With the process of school closure now largely completed, it signals that the company has now entered a stage of this starting afresh, exploring new opportunities with greater flexibility and strong cash flows.

Speaker 4: We believe that this cost generated during a restructuring phase are temporary, as they are nonrecurring losses.

Speaker 4: With the process of school closure and now largely completed this signals that the company has now entered the stage of starting fresh.

Speaker 4: The signals that the company has now entered the stage of this starting afresh.

Speaker 4: Exploring new opportunities with greater reflexibility and strong cash flows. We're confident that in the cut sustainable profitability of the older remaining key business. As well as the growth and profit potential of our new initiatives. The company's management team will continue to work together to seek profitable growth.

Stephen Yang: We're confident in the sustainable profitability of all the remaining key businesses, as well as the growth and profit potential of our new initiatives. The company's management team will continue to work together to seek profitable growth. We believe our continued commitment to high quality service and operational efficiency will generate more value to our customers, society, and shareholders over the long term. Now, I will turn the call over to Cissy to go through our key financials. Cissy.

Speaker 4: In the cut sustainable profitab profitability of the older remaining key business.

Speaker 4: As well as the growth and profit potential of our new initiatives. The company's management team will continue to work together to seek profitable growth.

Speaker 4: The company's management team will continue to work together to seek profitable growth.

Speaker 4: We believe our continued commitment to high-quality service and official efficiency will generate more values to our customers, society, and shareholders over the long term.

Speaker 4: Now I will turn the call over to Sisi Zhao to go through our key financials. Now I'd like to walk you through the other key financial details for the quarter. Operating cost and expenses for the quarter was $755.3 million US representing a 30.6% decrease year-over-year. Non-GAP operating cost and expenses for the quarter which exclude shareholder compensation were $725.3 million representing a 32.5% decrease year-over-year. The decrease was primarily due to the reduction of facilities and a number of staff as a result of restructuring in the last two quarters.

Sisi Zhao: Okay. Now, I'd like to walk you through the other key financial details for the quarter. Operating costs and expenses for the quarter were $755.3 million, representing a 30.6% decrease year over year. Non-GAAP operating costs and expenses for the quarter, which excludes share-based compensation, were $725.3 million, representing a 32.5% decrease year over year. The decrease was primarily due to the reduction of facilities and number of staff, as a result of the restructuring in the last two quarters. Cost of revenue decreased by 30.9% year over year to $372.7 million. Selling and marketing expenses decreased by 40% year over year to $93.7 million.

Speaker 3: Cost of revenue decreased by 30.9% year-over-year to $372.7 million US. Selling and marketing expenses decreased by 40% year-over-year to $93.7 million US dollars.

Sisi Zhao: G&A expenses for the quarter decreased by 26.6% year over year to $288.8 million. Non-GAAP G&A expenses, which exclude share-based compensation, were $259.6 million, representing 32.3% decrease year over year. Total share-based compensation expenses which were allocated to related operating costs and expenses increased by 107.8% to $30 million in the quarter. The increase is due to the grants of restricted shares units of the company to employees and directors in May 2021, with graded vesting over 3 years. Operating loss was $141.2 million compared to an income of $101.5 million in the same period of the prior fiscal year.

Speaker 3: GNA expenses for the quarter decreased by 26.6% year-over-year to $288.8 million US dollars. non-GAP gna expenses, which exclude share based compensation were $259.6 million US representing 32.3% decreased year-over-year.

Speaker 3: Total share based expenses, which were allocated to related operating costing expenses, increased by 107.8% to $30 million in the quarter. The increase is due to the grounds of [inaudible] shares of the company to employees and directors in May 2021 with grated investing over three years. Operating loss was $141.2 million of dollars, compared to an income of $101.5 million in the same period of the prior fiscal year. Non-GAP loss from operations for the quarter was $111.2 million US, compared to an income of $115.9 million in the same period of last fiscal year. Net loss attributable to New Oriental Education & Technology Group for the quarter was $122.4 million US compared to an income. of $151.3 million US in the same period last year. Basic undiluted net loss [inaudible] to New Oriental Education & Technology Group were 72 cents and 72 cents respectively.

Sisi Zhao: Non-GAAP loss from operations for the quarter was $111.2 million compared to an income of $115.9 million in the same period of last fiscal year. Net loss attributable to New Oriental for the quarter was $122.4 million compared to an income of $151.3 million in the same period last year. Basic and diluted net loss per ADS attributable to New Oriental were $0.72 and $0.72, respectively. Non-GAAP net loss attributable to New Oriental for the quarter was $95.5 million compared to an income of $163.2 million in the same period last year.

Speaker 3: of $151.3 million US in the same period last year. Basic undiluted net loss per ad edgetributable to New Oriental Education & Technology Groupor 72 cents and 72 cents respectively.

Speaker 3: non-GAP net loss attributable to New Oriental for the quarter was 95.5 million U.S. dollars, compared to an income of 163.2 million U.S. dollars in the same period last year. Non-GAP basic and downloaded net loss per ADS attributable to New Oritental, were 56 cents and 56 cents respectively. Net operating cash upflow for the quarter was approximately 235 million million U.S. dollars and the cap tax for the quarter were 37.4 million's dollars.

Sisi Zhao: Non-GAAP basic and diluted net loss per ADS attributable to New Oriental were -$0.56 and -$0.56 respectively. Net operating cash flow, cash outflow for the quarter was approximately -$235 million, and the CapEx for the quarter were $37.4 million. Turning to the balance sheet, as of 28 February 2022, New Oriental had cash and cash equivalents of $1,466.8 million. In addition, the company had $915.1 million in term deposits and $2,028.1 million in short-term investments.

Speaker 3: Turning to the balance sheet, as of February 28, 2022, New Oriental has cash and cash equivalents of 1,466.8 million U.S dollars. In addition, the company has 915.1 million U.S. dollars in term deposits and 2,028.1 million U.S. dollars in short term investments. New Oriental's deferred revenue balance, which is the cash collected from registered students for the courses and recognized proportionally as revenue as the instructions are delivered, at the end of the quarter was 971.3 million U.S. dollars, a decrease of 47.9% as compared to last year at the end of the third quarter of fiscal year 2021. The decrease is primarily due to the [inaudible] of the K-9 [inaudible] after school during services in order to comply with the government's policy in China.

Sisi Zhao: New Oriental's deferred revenue balance, which is the cash collected from registered students for the courses and recognized proportionally as revenue as the instructions are delivered at the end of the quarter, was $971.3 million, a decrease of 47.9% as compared to last year at the end of Q3 of fiscal year 2021. The decrease is primarily due to the cessation of the K-9 academic after-school tutoring services in order to comply with the government's policy in China. Now, I'll hand over to Stephen to go through our outlook and guidance.

Speaker 3: Now I'll hand over to Stephen to go through our outlook and guidance. Looking ahead into the next quarter of fiscal year 2022. Having adopted measures in response to the latest policies and regulations, we now have a clearer picture about the recovery trends of the company's near-term financial performance, and I prepared for a new beginning as we identify new and profitable market opportunities for the long run.

Stephen Yang: Looking ahead into the next quarter of fiscal year 2022, having adopted measures in response to the latest policies and regulations, we now have a clearer picture about the recovery trends of the company's near-term financial performance, and are prepared for a new beginning as we identify new and profitable market opportunities for the long run. As the stage of the closure of the schools and learning centers nearing its end, we're left with a relatively small portion of the lease terminations to be executed in the coming months. The non-recurring one-off costs related to the closure were already accrued in the H1 of the current fiscal year.

Speaker 4: As the stage of the closure of the schools and learning centers is nearing its end, we're left with a relatively small portion of the lease terminations to be executed in the coming months.

Speaker 7: The nonrecurring one-off costs relates to the closure were already accrued in the first half of the current fiscal year.

Stephen Yang: In the meantime, our strong performing key remaining business are all profitable and will continue to serve as a solid foundation for business performance, as will provide us with the fuel to explore new possibilities in the market. Our strategic focus and investment approach going forward aim at expanding our new initiatives, which will be nurtured into key growth engines for our business. We're confident about the future success of these initiatives as they echo with the current trends in the market. With the likes of the non-academic tutoring, and study tour and research camp targeting the facilitation of the all-around development of students, which is a general goal that the industry is striving to achieve.

Speaker 4: We're ready accruelty in the first half of the current fiscal year.

Speaker 7: In the meantime, our strong performing key remaining businesses are all profitable and will continue to serve as a solid foundation for business performance, as will provide us with a fuel to explore new possibilities in the market.

Speaker 4: Our strategic focus and investment approach going forward [inaudible]spending our new initiatives, which will be nurtured into key growth engines for our business.

Speaker 4: We're confident about the future success of these initiatives, as they echo with the current trends in the market.

Speaker 4: [inaudible]and study 2 in the research camp targeting on the facilitation of the all around development of students, which is a general goal that the industry is striving to achieve.

Speaker 7: Of an atamic Tu and study tour in the research camp targeting on the facilitation of the overround development of students, which is a generate, which is a general goal that the industry is driving to achieve.

Stephen Yang: Meanwhile, intelligent learning system and device, and digitalized smart study solutions are offering students digital, personalized, and remote learning experience, which is a trend, which is a trending theme in the current tech-enabled and post-pandemic education industry. It will take time for this new business to come to full fruition. As we saw in this quarter, the encouraging growth trajectory that they have already been showing proofs that we are heading towards the right direction. We're confident that the business will be starting to contribute meaningful revenue from the next fiscal year onwards. We would like to note that our guidance is taking into consideration of the recent pandemic development in Shanghai and some other small cities. As the lockdown of these cities since March has ineluctably impacted our business operation locally.

Speaker 7: Meanwhile, intelligent learning system and device and utilized the smartest study solutions are offering student's digital, personalized, and remote learning experience, which has the trending team in the current teach enabled and post pandemic education industry.

Speaker 7: It will take time for this new business to come to full fruition, but as we saw in this quarter, the encouraging growth trajectory that they have already been showing proves that we are heading towards the right direction.

Speaker 7: And we're confident that the business will be starting to contribute minimal revenue from the next fiscal year onwards.

Speaker 4: We would like to know that our guidance is taking into consideration the recent pandemic development in Shanghai and some other small cities, are still locked out this cities since March has [inaudible] impacted our business operation locally. Student recruitment is where we experienced some disruption. Our student customers were unable to access our service centers to send out for courses.

Stephen Yang: Student recruitment is where we experienced some disruption, as students and customers were unable to access our service centers to sign up for courses. Though the overall impact on the business has been limited, thanks to our OMO system, which enable us to swiftly migrate students from offline to online classes, avoiding much of the learning disruption. We also don't expect the disruption in Shanghai and some other small cities would have significant effect affect our overall revenue growth as we have a widespread presence across many cities in China. Although the pandemic situation in China remains fluid, our operation infrastructure, led by the OMO system, has shown a strength in flexibility in the past couple of years to weather disruptions, while our staff across the country have got the experience to prepare for and respond to the COVID outbreaks.

Speaker 4: Has actively impacts our business operation locally. Student recruitment is where we experienced.

Speaker 7: Some disruption. Our students who customers, were unable to access our service centers to send out for courses.

Speaker 4: Though the overall impacts on the business have been limited thanks to our OMO system, which enable us to swiftly migrate students from offline to online classes, avoiding much of the learning disruption. We also don't expect the disruption in Shanghai and some other small cities would have significance effect our overall revenue growth, as we have a widespread presence across many cities in China.

Stephen Yang: Although the pandemic situation in China remains fluid, our operation infrastructure, led by the OMO system, has shown a strength in flexibility in the past couple of years to weather disruptions, while our staff across the country have got the experience to prepare for and respond to the COVID outbreaks.

Speaker 4: Although the pandemic situation in China remains [inaudible], our operation infrastructure, led by the OMO system, has shown a strength in flexibility in the past couple of years, to weather these disruptions, while our staff across the country have the experience to prepare for and respond to the COVID outbreak.

Stephen Yang: Therefore, we're confident that any future outbreaks in other cities will only have limited impact on our business. Experience stands the test of time. One of the strengths about New Oriental is the experience and legacy we have built over the years. This has proven to be the differentiation between us and other players during the challenging period. Leveraging our experience and brand recognition, as well as the very healthy cash balance that has been unharmed during a very difficult time, we have great confidence that the overall business will turn profitable again in the near future. To conclude, we're now taking all kinds of operational actions to promote our key remaining business and investing in the new initiatives, which will be the new growth engine that accelerate our recovery.

Speaker 7: Therefore we're confident that any future outbreaks in other cities will only have limited impacts on our business. Experience stands the test of time. One of the strength about New Oriental is experience and legacy we have built over the years.

Speaker 7: And this has proven to be the differentiation between us and other players during the challenging period.

Speaker 4: Leveraging our experience and brand recognition, as well as the very healthy cash balance that has been unharmed during a very difficult time, we have brave confidence that the overall business will turn profitable again in the near future

Speaker 7: That has been harmed during a very difficult time. We have brave confidence that the overall business will turn profitable again in the near future.

Speaker 7: To conclude, we're now taking [inaudible] operational actions to promote our key remaining business and investing in new initiatives, which will be the new growth engine that accrelerates our recovery. At the same time, we will continue to seek guidance from and coverage with government authorities in [inaudible] province in China in connection with the efforts to comply with the relevant policies, guidelines and any implementation rules, regulations, measures.

Stephen Yang: At the same time, we will continue to seek guidance from, and cooperate with government authorities in various provinces in China in connection with its efforts to comply with the relevant policies, guidelines, and any related implementation rules, regulations, and measures, and to further adjust our business operations as required. With our investments in different strategies, we're optimistic on brighter prospects of our business. We believe new company structure following in the restructuring phase will bring us fruitful returns in the long run. I must mention that these expectations reflect our considerations of the latest regulatory measures and the pandemic situation, as well as our current preliminary view, which is subject to change. At this point, I would like to open the floor for questions. Operator, please open the call for these.

Speaker 4: And to further adjust our business operations as required. While our investments in different strategies are optimistic, our brighter prospects of our business [inaudible] new company structure falling in the restructuring phase will bring us the footfall returns in the long run. I must mention that these expectations reflects our considerations of the latest regulatory measures in the pandemic situation, as well as our current primitive view, which is subject to change.

Speaker 7: At this point, I would like to open the floor for questions. Operator, please open the call for these. Thank you, Ladies and gentlemen. We will now begin the question and answer session. If you wish to ask a question, please press *1 on your telephone and wait for your name to be announced.

Operator 2: Thank you. Ladies and gentlemen, we will now begin the question and answer session. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to withdraw your request, please press the pound or hash key. Our first question comes from Felix Liu from UBS. Please ask your question.

Operator: Thank you. Ladies and gentlemen, we will now begin the question and answer session. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to withdraw your request, please press the pound or hash key. Our first question comes from Felix Liu from UBS. Please ask your question.

Speaker 2: If you wish to withdraw your request, please press the pound or hash key. Our first question comes from [inaudible] from UBS. Please ask a question.

Felix Liu: Thank you management for taking my question, and I'm very pleased to see the resilience you have shown in the tough restructuring due to the external environment. First question is on the restructuring progress. So you mentioned that the most of the restructuring are almost finished. So may I know the learning center that you have by the end of the Q3 will be more or less sustainable into the future? Or do you expect more closure in the upcoming months? Second, my second part of the question is on the accounting of the restructuring cost. I unfortunately noticed that you have turned loss-making in this quarter.

Speaker 8: Thank you, management, for taking my question. I am very pleased to see the resilience you have shown and the tough restructuring due to the external environments. My first question is on the restructuring progress. So you mentioned that most of the restructuring are almost finished. So may I know the learning center that you have by the end the Q3 will be more or less sustainable into the future or do you expect more closure in the upcoming months? And my second part of the question is on the accounting of the restructuring cost. Unfortunately, I noticed that you have termed[inaudible]quarter, so may I know how much of the cost this quarter is related to the one-off restructuring and how much will be ongoing? And maybe any color on the new economics of your new initiative will be much appreciated. Thank you. Thank you, [inaudible]. Your first question is about learning center in the last of fiscal year end we had the 1,669 learning centers in total, and in this quarter end, we have 847 learning centers, and we plan to close down some of the learning centers, so we expect the learning center number will be decreased to 650 to 700 in this fiscal year end.

Felix Liu: May I know how much of the cost this quarter is related to the one-off restructuring and how much will be ongoing? Maybe any color on the unit economics of your new initiative will be much appreciated. Thank you.

Speaker 8: Will be ongoing and maybe any color on the unit economic of your new initiative will be measu appreciated. Thank youthank you forlet your first questionions about learning center in the last of in the last of fiscal year end we had the 1669 learning centers in total and in this quarter end we have five we have 847 learning centers and we in we plan to close down some of the learning centers, So we expect the learning center number will will be decreased to 6, six hundred six hundred and fifty to 700 in this fiscal year end.

Stephen Yang: Thank you, Felix Liu. Your first question is about learning center. You know, in the last fiscal year end, we had 1,669 learning centers in total. In this quarter end, we have 847 learning centers. We plan to close down some of the learning centers. We expect the learning center number will be decreased to 650 to 700 in this fiscal year end. This is my answer for the learning center numbers of your question. We're in the restructuring phase.

Speaker 4: So this is my answer for the learning center numbers of your question. And yes , we're in the restructuring phase and I think, you know, the one-off cost relate to the learning center closeed down and the [inaudible] layoff- were already accrued in the first half of this year. So that means we have already recorded most of the onetime cost into the first half of the this year. Yes, you saw the lasts in this quarter, but I think mainly due to the new investments for the new initiatives for the future. But I think it's working, because, you know, we started the 5 new accounts of business like that, [inaudible], the intelligent learning system, the devices [inaudible]

Stephen Yang: I think, you know, the one-off cost related to the learning center close down and the employee layoff were already accrued in the H1 of this year. That means we have already recorded most of the one-time cost into the H1 of this year. Yeah, you saw the loss in this quarter, but I think it's mainly due to the new investments for the new initiatives, yeah, for the future.

Stephen Yang: You know, I think it's worth it because, you know, we started the five new kinds of business like the non-academic tutoring, like the intelligent learning system and device and then like study tour camps, overseas test prep for the college students to get a bachelor's degree. Those new initiatives need the new investment to build up the good future. Now we are in a new investment phase, but we do believe those new initiatives will make profit in near future. I think we do believe in the next fiscal year or near future, we can be profitable.

Speaker 4: the exams for the college students to get the bachelor's degree. So those new initiatives need our new investments to build up the good future. And so now we we are in a new investment phase, but we do believe those new initiatives will make profit in near future. So I think we do believe in the next fiscal year or the near future we can be profitable because first of all, our [inaudible]. All the last businesses are profitable, and we do believe the the new business will be profitable. So I think the margin profile will be optimistic in the coming new fiscal year. Thank you.

Stephen Yang: You know, first of all, our live business, the domestic test prep, the adult English, and the overseas study consulting business, all the live business are profitable. We do believe the new business will be profitable. I think the margin profile will be optimistic in the coming new fiscal year. Felix?

Operator 2: Thank you. As a reminder, ladies and gentlemen, in order to be fair to all callers who wish to ask questions, we will take one question at a time from each caller. If you have more than one question, please request to join the question queue again after your first question has been addressed. Our next question comes from DS Kim from J.P. Morgan. Please ask your question.

Operator: Thank you. As a reminder, ladies and gentlemen, in order to be fair to all callers who wish to ask questions, we will take one question at a time from each caller. If you have more than one question, please request to join the question queue again after your first question has been addressed. Our next question comes from DS Kim from J.P. Morgan. Please ask your question.

Speaker 2: As a reminder, ladies and gentlemen, in order to be fair to all callers who wish to ask a question, we will take one question at the time from each caller. If you have more than one question, please request to join the question queue again after your first question has been addressed. Our next question comes from D. S. Kim from J. P. Morgan. Please ask your question. Hi, Stephen, hi, Sisi. Thanks for resuming the video call and hope you are safe and well in Beijing. I actually have a couple of questions but because of the reminder I will ask one question here and I'll try to ask again later. In terms of the revenues in third quarter, if you look into the details, number 1, how much of that third quarter revenue happened in December versus January of this year and in relation to that, how much was the new initiative?

DS Kim: Hi, Stephen. Hi, Sisi. Thanks for resuming the fiscal call, and hope you are safe and well in Beijing. I actually have a couple of questions, but because of the reminder, I would ask one question here, and I will try to ask again later. In terms of the revenues in Q3, if you look into the details, number one, how much of that Q3 revenue happened in December versus January, February of this year? You know, in relation to that, you know, roughly how much was the new initiative, those that you mentioned, like non-academic intelligent learning systems and whatnot, how big was it, the revenue contribution in Q3?

Speaker 9: Those that you mentioned, like non-academic intelligent learning systems, and what not, how big was it, the revenue contribution in third quarter? Okay, for the revenue contribution in this quarter, I think the December revenue is a little bit higher than the revenue of January and February. Because we closed down the K-9 business at the end the calendar year, so in December we we did have some of the K-9 children courses and so we reported revenue. The new business did not[inaudible]We just lost the business,[inaudible] courses, a couple of months ago and now is a little bit small but it's grown very fast.

Stephen Yang: Okay. Yeah, for the revenue contribution in the first quarter, you know, I think the December revenue is a little bit higher than the revenue of January and February. Because, you know, we closed down the K-9 business, you know, by the end of last calendar year. So in December, we did have some K-9 children courses, and we reported revenue. So yeah. Yeah, the new business, the non-academic course, it's quite new. We just launched the business, the non-academic courses, so a couple of months ago. Now it's a little bit small, but you know, it's grown very fast.

Stephen Yang: The new business, what I mean, including like the non-academic courses and some like the new service relate to the intelligent learning system, I think, will contribute more revenue in next year. I believe the new business will contribute over 20% of the revenue contribution next year. You saw the growth is extremely high.

Speaker 7: So the new business- what I mean, including the non-academic courses and some like the new service relate to the intelligent learning system, I think will contribute more revenue in next year. So I believe the new business, will contribute over 20% of the revenue contribution next year. So you saw the growth, extremely high.

Operator 2: Thank you. Our next question comes from Elsie Sheng from Morgan Stanley. Please ask your question.

Operator: Thank you. Our next question comes from Elsie Sheng from Morgan Stanley. Please ask your question.

Speaker 2: Thank you. Our next question comes from [inaudible] from Morgan Stanley. Please ask a question. Thank you, management. My question is also related to the new business. Is there any operations data that you could share, for example, like the retention rate for the new non-academic courses, and also how do you see the competition in this area? Thank you.

Elsie Sheng: Thank you, management. My question is also related to the new business. Is there any operation data that you could share, for example, like the retention rate for the new non-academic courses? And also, how do you see the competition in this area? Thank you.

Stephen Yang: Okay. Actually, we started the new business a couple of months ago, but you know, it's developed very quickly. We have seen, you know, the student retention rate is getting higher and higher. In the main cities, we were seeing the student retention rate of the non-academic courses. It's close to the retention rates of the academic courses last year. It's a good result, good news for us. Yeah, I know the revenue contribution is small, but you know, it grows very fast. In respect of the competition, I think the competition, you know, the competition is still there.

Speaker 10: Actually we started the new business a couple months ago, but, you know, it developed very quickly, and we have seen, you know, the student retention rates guiding higher and higher. So the main cities, we were seeing the student retention rates of the non-academic courses, it's close to the retention rates of the academic courses last year. So it's a good result, good news, for us and yeah, I know the revenue contribution is small but the growth is very fast. And the second.

Speaker 7: The competition. I think the competition's still there, but upon the home market environment changes, so I do believe the competition will become less. Because we have seen a lot of our competitors disappear from the market, so the competition is not a problem for us.

Stephen Yang: You know, in the whole market environment changes, so I do believe the competition will becomes less. You know, because we have seen a lot of our competitors disappear from the market. The competition is not a problem for us. Thank you.

Speaker 4: No because we have seen a lot of our competitors will disappear from the market, So the competition is not a problem for us.

Operator 2: Thank you. The next question comes from Candis Chan from Daiwa. Please ask the question.

Operator: Thank you. The next question comes from Candis Chan from Daiwa. Please ask the question.

Speaker 6: Thank you. Thank you. The next caution comes from Candace Chen from [inaudible]. Please ask a question.

Candis Chan: Hello, Sisi and Stephen. Thank you for taking my question. I would like to ask about the recovery of the overseas and domestic test prep businesses so far because of the easing of those border controls in other countries. At the same time, I also noticed that the domestic test prep business has revenue growth that looks very strong. Overall for next fiscal year, how does this test prep business revenue growth will look like? What kind of development for the domestic test prep has been done over the past year to achieve that strong growth? Thank you.

Speaker 11: Hello and thank you for taking my question. I would like to ask about the recovery of the overseas and domestic test prep businesses so far because of the easing of the those [inaudible] control in other countries, and at the same time, I also notice that the domestic test prep business has revenue growth looks very strong. So, overall for next fiscal year, how does this test prep business revenue growth look like, and what kind of development for the domestic test pre has been done over the past year to to achieve that strong growth? Thank you. Great question. Despite we are in the restructuring phase, but we're happy to see the domestic test prep business and overseas related business moving upward very fast in the last couple of months.

Stephen Yang: Yeah. Great question. Yeah. You know, despite we, you know, we are in the restriction phase, but, you know, we're happy to see the domestic test prep business and overseas related business, you know, grow very fast in the last couple of months. You know, overseas test prep and consulting business, you know, the revenue increase is about 15% year over year. Overseas test prep, 8%, and consulting business, 26% in the first nine months of this year. Yeah, we know the pandemic is still in some other countries, even in China. You know, actually what we're seeing some students, you know, still enroll our the overseas test prep classes.

Speaker 4: Overseas test prep and consulting business, the revenue increase totally is about 15% year-over-year. Overseas test prep 8% and consultant business 26% in the first nine months of this year. And yes, we know the pandemic is in some other counties in China, but actually what we're seeing, some students still enroll the overseas test prep classes because most of the overseas test prep students are the high school students and the college students and they made the decision to study abroad someday, so they don't have to change their decision. So I do believe the human beings can beat the coronavirus.

Stephen Yang: Because you know most of our overseas test prep students are the high school students and the college students. You know they made the decision to study abroad some day so they don't have to change their decision. You know I do believe the human beings can beat the coronavirus. I do believe our overseas test prep business and consulting business will grow in a meaningful rate in the coming new year in fiscal year 2023.

Speaker 4: So I do believe our overseas test prep business and and consulting business will growth in a meaningful rate in the coming new year, in fiscal year 2023. And the domestic test prep, you know it's news recently in China more university and college students choose to take the Chinese GRE, the Chinese [inaudible] exam. So I think the the market is booming, and you know, I think we are one of the dominators of this part of the business. And two years ago internally we arranged internal [inaudible] of the Chinese GRE departments, the adult English and the domestic test prep and we moved some talent people from the K-12 business to the domestic test prep business.

Stephen Yang: The domestic test prep, you know, there's news, you know, recently in China, you know, more and more of the university and college students choose to take the Chinese GRE, the like Chinese Gaokao exam. I think the market is booming. You know, I think we are one of the dominant of this part of the business. You know, since 2 years ago, internally, we arranged an internal subdivision of the Chinese GRE departments, the adult English, and the domestic test prep. We moved some talented people from the K-12 business to the domestic test prep. I think we prepared for this market for like 2...

Speaker 10: So I think we prepared for this new market [inaudible]two to three years. So I do believe the domestic test prep will grow very fast and will generate more and more profits for New Oriental. Thank you.

Stephen Yang: Just for the last 2 to 3 years. I do believe the domestic test prep will grow very fast and will generate more and more profit for New Oriental. Thank you.

Operator 2: Thank you. Our next question comes from Lucy Yu from Bank of America. Please ask the question.

Operator: Thank you. Our next question comes from Lucy Yu from Bank of America. Please ask the question.

Speaker 2: Thank you. Our next question comes from Lucy Yu from Bank of America. Please ask a question. Thank you, Stephen, for taking my question. My question is more on the margin side. You mentioned the remaining business is profitable. So can you share us the profitability of those remaining business? And for the new business, you also mentioned it will term profitable next fiscal year. So what's our expectation of the margin for those new business in upcoming year? Thank you. Okay, the elected business, the overseas test prep and [inaudible] business typically, the margin is 15% or 20%.

Lucy Yu: Thank you, Stephen, for taking my question. My question is more on the margin side. You mentioned the remaining business is profitable. Can you share us the profitability of those remaining business? For the new business, you also mentioned it will turn profitable next fiscal year. What's our expectation of the margin for those new business in upcoming year? Thank you.

Stephen Yang: Okay. The last business. The overseas test prep and consulting business, typically the margin is 15% to 20%. Domestic test prep, the margin is around 10%. The new business, you know, now is where we suffered a little bit loss. I do believe next year will be profitable for the new business. I do believe theoretically the margin of the new business will together like the 20%, yeah, somewhere. It's a good business.

Speaker 5: And domestic test prep, the margin is around 10%. And the new business [inaudible] where we suffered a little bit last, but I do believe next year will be profitable for the new business and I do believe [inaudible] the merge of the new business [inaudible]the 20% somewhere and so it's a good business. Thank you. Our next question comes from Liping Zhao from CICC. Please ask a question.

Operator 2: Thank you. Our next question comes from Liping Zhao from CICC. Please ask the question.

Operator: Thank you. Our next question comes from Liping Zhao from CICC. Please ask the question.

Liping Zhao ): Thanks, Stephen, Lucy, for taking my question. So glad to see that you have made progress in some new initiatives. May I know which one will most likely be the future key revenue contributor, and what's EDU's competitive advantage in that direction? Thank you.

Liping Zhao: Thanks, Stephen, Lucy, for taking my question. So glad to see that you have made progress in some new initiatives. May I know which one will most likely be the future key revenue contributor, and what's EDU's competitive advantage in that direction? Thank you.

Speaker 12: Thank you, Stephen, for taking my question, So glad to see that you have made progress in some new initiatives. So may I know which one will most likely be the future key revenue contributor, and what's EDU's competitive advantage in that direction? Thank you. Yes, we're exploring new business opportunities including, like the 5, the new business. So you know that the firstly [inaudible] children focus on helping the students to improve their innovative ability and comprehensive quality and such as programming [inaudible] design, [inaudible] arts, sports, grow very fast because I think the double deduction and the new policy last year where we're seeing the students have more time during the weekend, during the holidays. And the parents love to see their kids improve their comprehensive ability.

Stephen Yang: Yeah. We're exploring new business opportunities, including like the five, the new business. You know, firstly, the non-academic children focus on helping the students to improve their innovative ability and comprehensive quality. You know, such as like programming, robot design, presentation skill, art, sports, you know, grow very fast because, you know, since the double reduction, the new policy last year, you know, we're seeing the students have more time during the weekends, during the holidays. You know, the parents love to see their kids improve their comprehensive ability. This is number one. Number two, you know, we launched the intelligent learning system and device.

Speaker 5: So this is number 1. Number 2, we launched the intelligent learning system and device and utilized our past teaching experience and data technologies to help the students to do the self-study by themselves. I think the system helps them a lot, and the students ' parents love the new product. And so those 2 products, the non-academic courses and the intelligent learning system devices, will contribute more revenue going forward.

Stephen Yang: You know, it's utilize our past teaching experience and data technologies to help the students to do this, like the self-study by themselves. You know, I think the system helped them a lot. The students and parents love the new product. Those two are the products, the non-academic courses and the intelligent learning system devices will contribute more revenue going forward.

Operator 2: Right. Thank you. We are now approaching the end of the conference call. I will now turn the call back to New Oriental's Executive President and CFO, Stephen Yang, for his closing remarks.

Operator: Right. Thank you. We are now approaching the end of the conference call. I will now turn the call back to New Oriental's Executive President and CFO, Stephen Yang, for his closing remarks.

Speaker 13: Thank you. We are now approaching the end of the conference call. I will now turn the call back to New Oriental's Executive President and CFO, Stephen Yang, for his closing remarks. Again, thank you for joining us today. If you have any further questions, please do not hesitate to contact me or any of our investor relation representatives. Thank you. Thank you. That does conclude our conference for today. Thank you for participating. You may all disconnect.

Stephen Yang: Again, thank you for joining us today. If you have any further questions, please do not hesitate to contact me or any of our investor relations representatives. Thank you.

Operator 2: Thank you. That does conclude our conference for today. Thank you for participating. You may all disconnect.

Operator: Thank you. That does conclude our conference for today. Thank you for participating. You may all disconnect.

Q3 2022 New Oriental Education & Technology Group Inc Earnings Call

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