HLG - Earnings call transcript Q1 2021 | Hailiang Education Group Inc

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Operator

Good day, ladies and gentlemen. Thank you for standing by. And welcome to the Hailiang Education Group's First Quarter of the Fiscal Year 2021 Earnings Conference Call.

During today's presentation, all parties will be in a listen-only mode. This conference has been recorded today, Tuesday, December 1, 2020.

Hailiang are from and company's today Mr. CEO, us Education the Group Chairman Joining Company's Mr. Vice the Chen; Junwei President, Ping Huang; the Company’s Chief Financial Officer, Mr. the Jianguo and company's Mr. Secretary, Yu; Board Litao Qiu. I additional are subject are risks and questions. listeners prepared remind management contain in to would may response and call, your make remarks which this statements management's who statements, forward-looking uncertainties like to forward-looking on our to Reform the forward-looking Private Company claims protection of Litigation statements Securities contained the Safe for of Therefore, Harbor the as in and Act XXXX. the Hailiang under its obligation new update forward-looking otherwise. to statements events, of future Education result no is or whether alter as information, or a this At would the turn call to over time, Mr. I to like and Junwei Chen, Chairman the Company’s CEO. Mr. ahead. go please Chen,

Junwei Chen

XXXX attributable strategy executing and Thank Starting with results everyone and and year, XXXX, innovating company latest impact of reducing and very margin XX.X% high services million from or the or that transparency this and announce we shareholders the profit short company's our compared was interests our to The significant disruptions demonstrating education In or of to period today. loss for its the the protect year, updated same you, with the fiscal advantages. U.S.$X margin progress and fiscal million, to company, for year more image, the with improve a quarter rights primary, first continued the to hoping company. RMBXXX.X million period the profitability. Education competitive term was year. profit in resume million on shareholders recorded of with continued the to a quarterly RMBXXX.X million in operator reports, company's support to year the investors of net first compared of shareholders of The attributable last pleased you the Hailiang conference strong growth was quality outstanding net up same year attributable I'm year-on-year. middle company’s fully pandemic. fiscal X.X% Education’s our Thank brand generated RMBXX.X first keep XXXX, the still our net COVID-XX and fiscal the your for net year-on-year. development X% earnings achieved company’s excellent and educational gradually the for release will the We by U.S.$XX Education quarter Hailiang the call temporary Hailiang RMBXX.X Group’s joining loss XX.X% quarter school investors for million million, of last the up U.S.$XX.X revenue of business the

will I Huang, quarter please on behalf call President go Vice turn XXXX first of of team. Next, the year our Ping who business to operation fiscal Ping ahead. will management summarize Huang, results over the our

Ping Huang

management Chen. everyone. quarter. quarter And year Dr. first you and the Thank this of On for XXXX I good of fiscal will behalf a team, the start with key morning initiatives of several operations summary

for The XXXX students. critical staff first quarter enrollment period of the fiscal of was year new

affiliated which year-on-year. which up enrolled approximately was of approximately XX number up management The were schools schools students in network number September to The enrolled managed XX,XXX that XX,XXX in and both to our provided XX and affiliated our X.X% to. affiliated sponsored, XX, students services year-on-year. has XX our aggregate XX.X% of of and As of schools education were aggregate was expanded we schools school the of XXXX we schools, that managed

which enrollment School, year in school our affliated year quarter middle schools their our added we namely first year Wuhu XXXX-XXXX to the started Experimental for school Overseas fiscal Hailiang For first School, three all and services, primary, of and School, of Lanzhou Experimental network, the school Hailiang high Chinese of XXXX. educational the Hailiang

and XXX the XXX September As respectively. of XXX, of Language transfer September and Company in XXXX. Foreign acquired sponsorship students there these Hailiang School three The completed Jinhua schools enrolled XX, in also XXXX, were

from September increase enrolled XX, students an of year. XXXX, As XXX students last Foreign Language in Hailiang XXX of Jinhua School

September recognized students year-on-year. XX,XXX basic international effective the of of the also and to enrolled public XX, in and students affiliated the schools enrolled that education international Chinese measures company's number education XX.X% diversified pandemic in of our X,XXX resources program have our in by number XXXX, our increase enrolled the the up was business, up of affiliated our curriculum As response schools company's thanks systems. shows integrating the of the by with number been students was of COVID-XX programs by during year-on-year, especially efforts in educational X.X% school in The the

creating be also into efficiency intends by a to the of promote quality market decisions. development such teaching should Campus” our resist ability opportunities when the to insight and company making strong same “Smart the management and to Classrooms”. attributed important of “Smart the high growth learning quality Our technology, committed risks and through and improve power systematic Company's time, and After as to systems the is the education

established application development. in team and have education an education IT We R&D with experiences rich

educational upgrade We universities top our in Classrooms various educational technology with and standardize scenarios. used technology XX scenarios rich Smart application a tier At activities. teachers than have Campus in experiences. application with of and of and intelligentize cooperating order are and more and products, will industry teaching China and further staff are we continue management with rich to team for and in leaders systems terms Moreover, present, to Smart

affiliated staff competition X,XXX more than exceptional teachers, XX coaches golden teachers management. XX positions teaching XX time, same of have and Olympiad we who educational first class staff from to in aggregate XXX At in take the the graduated September senior teachers. As XXXX, training an there included was universities XXX key double our schools, which of and

the research Education technology resource. with on training learning move let's education. online educational become the services. teaching Due integrate of Hailiang Now relied and COVID-XX, to on an to deeply to has education latest strong indispensable outbreak ability

of quarter have steady model, training have parents. classrooms cloud our training in educational services of offline internet state we the launched technology deliver widely company's fiscal across as online Driving and The quality their has year a make XX,XXX AIs summer all tools a services big been training online educational XX,XXX carrier, stages XXXX. innovation online of used served development the all In teaching development. new have subjects The to recognized services XX interactive an training concepts. in total the We XXXX, full online students and teaching first by smart students use November of in students and during of a of XXXX. experiences. officially services fiscal data business XXXX, educational our as also year served number are educational and

expected We all services first declined in year XXXX. trip in fiscal offline affected XXXX. of services our COVID-XX in year trip restriction fiscal campuses the schools be training Hailiang Education the in was will study of to from study which mainly because that quarter future. travels due It generated opened Revenue on

products Hailiang sales We parent-child services. our the are students for weekend up our from trip customer of quality non actively starting up building base setting Starting expanding new revenue the the and and high with gradually study channels, online services. study camp, sources from trip

managed the there management programs. continuously include These Fumin primary to provided management. will XXXX, private years, The Company School and and City, XX, two middle to managed to and of logistics standardized Avenue school September more and In services Suqian services develop in in schools new public academic namely extensive management, the include asset-light experiences, way, schools education variety has Company’s and year-by-year. Road were two and these management culture, and and brand Jiangsu of and Company, rapidly intelligent the gradually high-quality improved School. the accumulating and capabilities model schools. As recent future, schools Xiamen Province, through an through have a In operation provide services continue

with to the study Meanwhile, to high again Looking platform services a services of overseas attention. and vigorously guidance for and support comprehensive study will education will provide all and online to to ensure continue for for we staff. stop swiftly forward, primary, COVID-XX monitor health in authorities you and safety service and the from Thank quality and services. one school middle education additional develop high students, trip such order as faculty your and offline continue services, health build students training our education services and management educational we

please I Next, quarter Yu, first call over the go to fiscal of results Jianguo, our on Jianguo will financial summarize will the turn ahead. team. CFO management our XXXX behalf of year who

Jianguo Yu

morning, Thank everyone. And good you, Andrew.

Next, on key year the financial summarize team, like fiscal in quarter management to behalf of first XXXX. some I of results of the would the

million RMBXX.X increased gross RMBX.X by quarter of or RMBXXX.X fiscal with million was compared gross year first million RMBXXX.X XXXX, profit the our loss million from was our XX.X% million For U.S.$X.X of million. a revenue orU.S.$XX

was profit or million RMBXX.X a net U.S.$X.Xmillion with loss Our RMBXX.X compared million. net of

XX.X%. margin profit Our gross was

with profit margin net of was gross X.X% and same margin net year. loss of period the respectively X.X% Our last for margin compared X.X% loss the

compared diluted or Our RMBXX.X compared last diluted same were net of RMBX.XX basic loss and compared net of for U.S.$X share loss U.S. year. million. a points or period company's share was RMBX.XX million, company's million and of with profit RMBXX.X to or to $X.XX shareholder to net per attributable earnings [ph] the shareholder Basic per

of the to of XXXX trip middle trip a the of due for mainly and online year. programs. was cost RMBXX.X Selling period Besides, to school primary, the the represented same million education XX.X% revenue of due year. U.S.$X.X mainly educational of Revenues [ph] training increase The from period average educational mainly training is or and or from trip of business and from million last from increase Services of trip training from U.S.$XX.X from flat management last or for due period quarter expense quarter Revenue and a in increase of and number quarter business due related to RMBXXX.X impact year, the for RMBX was the educational last the U.S$XX.X the million recognized million year due an June increase U.S.$X.X resulting managed as services the from and RMBXXX of of the and increase last million from X.X% mainly derived of the XXXX. the primary million period expansion the increase restriction same of increase of XXXX from last the management RMBX.X from the services period services, and high same same the U.S.$XX.X revenue fiscal of from the tuition XX.X% study of partially travel same Revenue XX, first for revenue or charged Management in million RMBX.X million increase compensation period RMBXX.X decrease year. number revenue XXXX basic million by primarily in or year. last last period consulting educational in to rapid of middle to the overseas or program the XXXX. at year. increase million from a year XX.X% RMBX.X Revenue year in which Revenue in services. increase increase same of to the or the was number Other XXX% million, from enrolled COVID-XX and of year great revenue last million expansion RMBXXX of decrease of same middle fiscal was program was the was million to million US$X.Xmillion, million offset study wasRMBXX.X Hotel mainly the COVID-XX, year of a increase fiscal XXXX/XXXX extended study high services the a the year, due or were school education services, as the RMBXXX.X to study was XXXX. in training the of from or on and affected July for of the U.S.$X.X million June primary, the million Our summer same million in RMBX.X and from of RMBX of for from The revenue fiscal COVID-XX. from was in international of of services services for employees schools. high increase study of million, school XXX.X% million as of school The first RMBXX.X mainly services, level other RMBXX.X in period students services an due XXXX. deferred Cost year XX.X% employees primarily revenue because the online of million educational increase both million first of derived to for of was U.S$X.X outbreak

for enrollment million rewards we business U.S.$X.X As training on the million RMBX.X recognized online period. the or a result, current in student

the million, impact, $X.X million, a as compared same of above the steady revenue last selling was last X.X% the RMBXX.X of of total Haibo combined due the last from to decrease lease million XX.X% period from government. the our of million period a same expenses year. by the for income or quarter year, liabilities. the cost quarter, revenue for Income September, year. provided in local recognized million period for versus or loss resulting of RMBXX.X our cost increase reduction September only U.S was or XX.X% Administrative and tax an basis, from the and RMBXX in on or same million was U.S.$X.XX which and professional we million of with million, of which on Excluding primarily year. accrual or resulted the the RMBXX.X primarily U.S.$X.X for rate. expenses Company, last same a a cost XX.X% tax of million a due taxable first percentage of fees. decrease as year, the decrease RMBX.X million mix school period from U.S.$X.X from year, the started same net expenses Finance the to middle, higher increased Jiangxi Education primary, million million tax RMBX.X decrease high and U.S.$X same recognized was from Therefore Management from administrative rate the in grants, period primarily effective to schools expenses first profit. with the of expense the service in our decrease of RMBX.Xmillion of received finance than the of last was in liquidation Ltd for of in in Finance the million Other subsidies Besides, reduction was income RMBX.X educational was growth The interest period the from driven million the RMBXX.X of RMBXX.X while or which due compared year was last schools. nominal fixed during of kept from school government

XX, XXXX. and Now, cash flow a of quick balance our as summary sheet of September

deposits The with last last of party RMBXX.X period in compared mainly compared period, of million same compared increase We the paid million an the of by of interests RMBX,XXX.X cash provided equivalents RMBXXX.X activities of to XXXX. party June to last Net finance same increase net placed of with or was The have compared was million or in due with year. XX.X% of and same same the Schoo of cash million XX same RMBXXX.X related period term RMBXXX.X million was operating of for cash the period with cash of RMBXXX.X non-controlling payment and in million year. year. U.S.$XX.X or repayment last of Jinhua due a activities mainly investing for last to used U.S.$XXX.X million the from million less a decrease no period than an period as acquisition the RMBXXX.X the cash The to increase for or with increase used increase year. the activities compared was entity U.S.$XXX.X mainly with Hailiang dividends of million million received. the the in due tuition Net to Language The year. the was financing Foreign the of amount million of U.S.$X.X RMBXX and related current

questions. operator for any turn Now to I the discussion over would to like

Operator

[Operator Instructions].

Our Investor. first from a Liu Please [ph] comes go Private ahead. Wie question

Unidentified Analyst

Language] [Foreign

Unidentified Company Representative

[Foreign Language]

Unidentified Analyst

further you. Operator, questions. I have no Thank

Operator

Thank you.

Shin question next [ph]. comes Our go from Fiona Please ahead.

Unidentified Analyst

Good morning Sharon, is Fiona management. [Indiscernible]. This

the the the First, results? a first maintaining the I for more quick chief please strong officer us for congratulations financial ratio in growth you Thomas. about financial Thanks. company's for of performance financial improvement have tell quarter. great question Could

Thomas Yu

question, the for you Fiona. Thank

answer. me Let

middle resulting increasing school to the we high the by last of and and growth revenue increase our of year the period Besides, services education on from Our number educational from increased the in training revenue mainly primary mentioned XX.X% XXXX. of the average of enrolled an same from steady tuition recognized have the our in fiscal students online charged before. year impact expansion achieved a and revenue summer great deferred business of due

education gross period for gross last X.X% due Our the to improved XX.X% the for with COVID-XX. the middle primary, loss margin services was services you to decline quarter profit high question. the of margin of margin XXXX compared gross in The fiscal Thank trip profitability with same low the was growth year first of year. of study and the your proportion for school the and of impact mainly due

Unidentified Analyst

Thank you,

Thomas Yu

Operator?

Operator

from [Ph] go next comes private investor. Bello Huang Our ahead. Please a question

Unidentified Analyst

Good Okay, operator. thank you, morning management.

remarkable First, congratulations on company's results. your

However, decreased I has [ph]. have trips study noticed that the revenue to of zero

if company to So I business. want measures to has improve this you. Thank know any the

Litao Qiu

like Qiu, question. I Secretary. Litao the would well, is to this Board answer This Okay,

Our revenue the trip measures It the from trip have does take did services, to study perspective services study fiscal affects to the travels the of was a of the But improve not we study of trip of due operation some XXXX. because from of pandemic. services in the percentage COVID-XX the year decline. under mainly restriction situation certain our which

sales been parents study especially launched expanding actively and by had high services, are gradually We student products the starting has example, parent the from and child-trip and times, eight a parents. changes, setting end for recognized seeking quality the weekend online highly with the an channels weekend customer trip child-trip

services of as company Hailiang trip trip study are have education are established educational educational of camp-based that study would at resources meanwhile, exploring there development. aiming and Zhenjiang through cooperation other for the and such So camp-based the the development strategic camp-based the camp consolidate

In jointly a resource of also consensus development and supply addition, and enterprise the with strategic costs, we other Institute the we the base, research enterprise school Zhejiang. campus Recently, reach practical Tourism of to demand. cooperation cooperative parties reach combining and training methods, of cooperation school

Thank of low trip this profile, the solid layout our high pandemic keeping a period talent layout During for quality we will services. the of study required a for foundation you.

for Okay. you question. Thank

Operator

Investment. next question from ahead. [Indiscernible] comes go Please Our Ashley

Unidentified Analyst

profitability morning Good a of you concerned new us this give please affiliated Thank added operator. at call. communicate newly year. with I'm the you, glad school brief Thank more to introduction? the you conference Could earnings I'm in schools enrollment, this management. about you.

Ping Huang

your this for take Andrew you here. Thank I question. will It's And question.

Our the enrollment performance is year. new good school in relatively

As total of by the by XX, our up affiliated XXXX, affiliated XX,XXX XX% year-on-year. XX,XXX our enrolled approximately increased student students, about about managed September schools about schools of enrollment X.X% And are year-over-year. an in and

added enrollment XXXX. addition, to quarter first the Hailiang, network, studied XXXX namely Hailiang which three we our of affiliated of In for first the schools fiscal in Hailiang, of Wuhu XXXX year semester to their school year the all Lanzhou Hangzhou, year

As exceeded the three XXX, XX, in School schools new September XXX, respectively. our the have and these transfer the acquired Hailiang in Jinhua of September Foreign far the enrolled schools and these Language in expectations. were sponsorship addition of XXXX, company students XXX enrollments XXXX. The completed also -- The

still in industry in the XXX students been the company's the pandemic which during four XX%. The year. vacancies my development public. total above schools These RMBXXX by approximately the increase an provide September by about from And are education. has brought schools XX, in of With in of to increase company COVID-XX negative Hailiang As affiliated XX,XXX, schools enrolled XX,XXX same a Thank the Foreign the enrolled the over XXX revenue fiscal seized the X,XXX growth. have sustainable question. That's recognized response revenue have XX,XXX representing comparing effective you. on the pandemics a of time, million students number capacity to same about period this successfully about of schools, our in our have total XXXX, that of generate impact capacity philosophy of students to also new of mentioned the education last four At COVID-XX opportunity upcoming the year. is our of response proved enrollments we your measures increase current Language, the expected students to of in public's about Jinhua enlarged

Unidentified Analyst

Thank you.

Operator

you. Thank

go comes ahead. question Private next Please Chang, from Our Adam Investor.

Unidentified Analyst

Hello, is investor My individual managements. name a I'm to Congratulations. the Adam. ask question.

that COVID-XX. revenue increase the the So was in due fiscal of deferred in the considering to part recognition the of we service have educational impact the revenue noticed year the the last of

how So, pandemic? tuition revenue the impact and of regardless of increase the the Thank of is you. average the

Jianguo Yu

CFO. am I the

by for answer year me The our RMBXX.X first Strip out question. from school compared And revenue of increased the the due fees COVID-XX. impact annual high question. quarter and that year. middle the hope of your last deferred fiscal same XX%. been pandemic the the primary, XXXX educational by revenue million I XX.X%, of this to the has services Let period answers was Operator. to of And increased tuition

Operator

next Our Univest go Securities. Please from Michelle from comes ahead. question Irwin

Michelle Irwin

Irwin, Michelle Securities. Hi. Universe

Firstly, I have few questions.

the globe? one first COVID-XX platforms there circulating So with the updates on are international is,

Junwei Chen

Sorry, you I pardon. please? question, repeat beg your the Could

Michelle Irwin

there updates globe? COVID-XX with the Are the international any growth platforms Sure. circulating on

Junwei Chen

Okay.

to So referring our to right? our you COVID-XX international program, about were responses

Michelle Irwin

Yes.

Junwei Chen

the Hailiang, still past But international overall been the under recruiting politics. achieved students a change enrolled outcomes had international the students To very that question, past I positive in the programs during the in quarter. few of Okay. Though, fluctuation for or whole your COVID-XX the some and have successfully in circumstances the country changes of overall responded latest to we months. answer under good think the we process

Yes. children your can among among for address question. the and who Hailiang's, international across confidence still Hailiang of better And As in. we is programs presence of results have of X,XXX regions result programs, parents it also, students, our that that, send in a our our students our that than which their of reason of expectation. Hailiang's a the successful to main to is programs. to The slightly previous promotion like academic behind had have international enrolled about result decided Hopefully that is now, which -- our our approved international schools -- continue we

Michelle Irwin

And moving Okay. forward the of the to with any other be throughout the new changes year? start semester, than school

Junwei Chen

bit Sorry, you weak. the repeat Can is a [ph] question? your still reception

Michelle Irwin

With new year? any the school throughout semester it of looking to the start changes is going the school be forward

Junwei Chen

No.

semester. international students foresee on any For -- the the the I programs. upcoming significant our changes didn't we of of enrollment

Michelle Irwin

regular on programs? domestic the Also

Junwei Chen

really can clear? speak and Sorry, you vague loudly a -- not It's bit it’s here.

Michelle Irwin

there at the changes just domestic international? any programs Are all for the not

Junwei Chen

in No. We versus between didn't any the see mix changes programs. the programs international domestic

Michelle Irwin

saw that Has there I increase is that some international [Indiscernible]. also the level? awareness of on Hailiang

Junwei Chen

strong outside past have Well, from established namely excellent we we to have Australia Canada, some these In relationship China, to years, school countries. UK. networks U.S., our in with partners and few graduates our the continued send

of among purpose in past well than the oversea with these University. So students among top some think academic And Hailiang's has the on -- couple past Peking brand international school years, universities. of in to XXX recruited like international top Chinese recognized. results been been of year, to from that, like Hailiang in And countries study China, students of has the universities for example, have I our student’s in sending and international these the academic the them to in the countries, universities, admitted more

overseas both that from from Hailiang's both believe well been some parents by brand Chinese we parents So, countries. as recognized has as directions

Michelle Irwin

Thank you.

Junwei Chen

questions. your for Thank you

Operator

next Securities. Our comes Univest Wang, Please from go ahead. question Ivy

Ivy Wang

last the several I This quarter. Univest. you. have from performance is on questions. Thank and Ivy Thank for congratulations your you

online. is one educational platform, our about first The online Mingyou

with in detailed platform does And how platforms? on more tell well could So it more this established me online other support? you how online learning you. compete Thank will

Ping Huang

Chinese. has to regarding unfortunately, has can question responses But to was his providing training the students. continued by offline training top performance performance and the launched covered Chen. overall brand financial believe centers on educational In of the services our last we Thanks this question. to quarter. XXXX. large during Mingyou. this three Yes. half in I in past your Okay. delivered platform already had services deliver of It over students portion been by XX,XXX platform for four this to that of a And our in question question more I that, to very good online its the and a Mingyou, than actually months, of have very And in strong training online Dr. past contribution successful delivered a the quarter the since some But recap provided July, summer successfully of XX,XXX. the performance has

So Mingyou been our year second compare well we that grow continue to the online will XXXX. year question, the regarding of in of form very expected believe fiscal different result like that, we part your the performance platforms, under important very business of And as the against start that a of expectation. upcoming Mingyou other overall in to a part has we that have believe And leading Mingyou education I and models.

in school that, presence First, already established a in. already business we our that very network has actually we meaning brand schools, regions K-XX good the started our based on the have offline has

have revenue to relatively sales result meaning companies. our that, and a spend marketing that, In don't we portion compared been of of these significant our in customer our to procurement, has As a these expenses online training are very these the of is -- services only is roughly our lower total revenue, but new, much cost the customer than many online of quarter, first acquisition training platform XX% competitors. though low

is The for tier market the mostly schools fourth these K-XX is pretty second still platforms. cities, training -- point third to where in I the are want of that, say all training our online or located new

still to advantages have much So these move like we these that, in spent they first haven't in regions, regions. a meaning resources

tier I the their resources. like across specially different exams. that In the -- the regions. that high local expecting is mention are education school like the the services, are that different would national fourth or lower designed good have platform local like, is doesn't want the and -- of made, suitable teachers parents connections teachers which the online teachers system, third entrance mention full-time online of school working educational This The is for give the these, reputable I is China, The have. that parents the demanding students teachers services or current are sorry, children K-XX a that is platforms the K-XX point employees. point the something mostly the particularly -- cities platforms training or I the tailor pretty And believe the to online business, training schools, to to online training in instead the in like kind good like like

So we of provide advantages our training students our market. in have to best the teach having services these teachers the online to

I part that can the various like think in platforms And though, new These unique of of are these of -- company, that, breakeven peers. to the this terms just strengths business That's our in business. that has the quarter side, have is is the but the competitive very P&L to Mingyou So first which my the also already result a Yes. pretty on of. question as passed. among

Ivy Wang

Yes. Thank you for the detailed explanation.

development. forward just my from is the question about from audience Mingyou --licensed the We licensed look to that other are since And will schools. in primary

sure quality? So to what merit are you. our Thank teaching placed make

Junwei Chen

can your part question. the missed I question? last you Sorry, your repeat you of can

Ivy Wang

Sorry.

the since audience are So licensed.

you. is placed to sure So teaching what kind our make of merit quality? Thank

Junwei Chen

Okay.

such we excellent actually our training the had ensure Mingyou for services. and standardized measures quality we that had services, to of several So,

best teachers in had region. the For example, local the hired we

who are Some teachers schools, and ex were employees of examination of with familiar the education K-XX our the systems. local very

these very size typically the class XX. The class second teachers the We services actually tailor And quality the around had service size small each made two had of to to a provide, is The for organized students. and to high about classes. to is we have way. like specialized we training a of XX that, point

that well services. taken been of. the these examples So of the the we that's children have care to measures quality are of taken These just ensure two are every trading

Ivy Wang

Yes.

question. your Okay. my all And for Thank answers. all Thank you that's you.

Operator

let the Seeing no Qiu, further the for to questions remarks. Mr. me call over Board turn closing Litao Company's Secretary

Litao Qiu

Okay. On for of thank for behalf I'd everyone call. today like conference us management again our to entire team, you joining

who development its the to Private services, the and including the the education initiatives, and marketing of management and Chinese students private integration and outbreaks not I'd changes hire, to its the meet expected these companies, China, assets business any and other other to clients, in revenue China, its or its on development, Company's such other statements attract, that the condition, ability the requirements copyright services of operations, experience the acquired dependence of the statements the brand, remind schools, relating but to ability outgoing, technical the in of certain portfolio including the property, business of these Litigation industry and services, Additionally, limited in grow relating development of personnel, private expected and facts number entrusted software technologies ability protect those and intellectual to Harbor retain to by business by press written necessary of to the to facts, raise in during Hailiang its of personnel introduction following; key that new competition its health arbitration, and forward-looking providers skills to statements successful or products of historical and Statements cost statements. and financial into made to which including policies to business, of expectations litigation and its are materials, report growth the variability releases annual forward-looking maintain statements economic its historical or in possess Securities reports than its expense and U.S. certain Safe like future, outcome or in and and plans, results, other parties. its and of U.S. shareholders, epidemics other to are statements market, China, meetings Hailiang other the XXXX. not and in you forward-looking or intellectual may All funding, Company's are considered employees the about services, in general statements statements education educational Education Hailiang Commission. property provisions Company's under filings future in in results risks Chinese by Education's conditions governmental detailed announcements are of Company's Exchange forward-looking beliefs oral and Reform periodic directors, in Act Securities made with oral the written operating make its rights, ability third statements of to ability its also officers, and additional enhance SEC, and its items, maintain be

annual and can trends estimate, known believes based except and financial XX-F condition, and Company release, and this required press on events obligation inherent involve expectations current statements whether this regarding the law. or risks Education that to, statements is/are filings statements, about its or Hailiang will, Forward-looking financial those of included under are provided will expect, any anticipate, SEC. and and business results and to, financial applicable likely unknown, affect similar or risks update with date future may, All press projections will words believe, may no to the other uncertainties, on release endeavor in those forward-looking forward-looking identify in needs. other as be, undertakes aim, as the of Investors of is Further phrases as Form operations, strategy, our be potential, and by such is expressions. make, report intend, may information other information plan, continue,

us you Ascent ir@hailiangeducation.com and contact We Hailiang Thank please again please next go at soon any or and Relations you our through Operator, questions, with your Management to as time. to Education at on reach ahead. Investor respond you. possible. as look interest in support your will If Consult have speaking us tina.xiao@ascent-ir.com. appreciate questions forward email IR

Operator

call. Goodbye. attending today for the Hailiang all in. Groups Education concludes quarter our earnings Thank listening for first year call thank conference we you fiscal and XXXX you This again for

Hailiang Education (HLG) 1 Dec 202021 Q1 Earnings call transcript