DAO - Earnings call transcript Q3 2021

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Operator

Good day, and welcome to the Youdao 2021 Third Quarter Earnings Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Mr. Jeffrey Wang, Investor Relations Director of Youdao. Please go ahead, sir.

Jeffrey Wang

operator. you, Thank by discussion future the to contain statements as forward-looking for Please of today the to established liability from performance safe intended U.S. company, related the note harbor will the which qualify are Private Securities Act. Litigation Reform the guarantees to and and are assumptions and factors. risks performance of statements are future Such uncertainties, other not subject certain

financial A those law. certain update of general does and to and Securities results to not company actual business and results these could of the by and cause obligation release risk any these Youdao's is the forward-looking risks included Some the of with company press materially discussion undertake are mentioned from filings information, in factors control Exchange this except affect today's The beyond discussion. Commission. the required the company's could in as differ that

certain will purpose management call, only. today's also comparison During financial discuss measures for non-GAAP

definitions GAAP results the issued measures of quarter financial today. and news For financial financial the third of see non-GAAP please to earlier reconciliations non-GAAP XXXX the of release -- non-GAAP results

-- the As on please will corporate available Besides, ir.youdao.com. this conference that replay reminder, conference call be recorded. is Youdao's at website a a webcast being of

and direction. to I Dr. of the to review Markets; Youdao's VP call over Strategy highlights Joining turn Mr. us today and Zhou on our our senior Feng management Mr. now our Li, Finance. Chief Jin, of Capital some and from our recent the Operations, of Su, strategic Dr. VP is VP Zhou, Wayne Lei Officer; Executive will call of Mr. Peng

Feng Zhou

participating Thank all in you, Jeffrey, for you thank today's and call.

all like based to we renminbi. are Before numbers on I remind everyone would that begin,

some our quarter was for business. The us good third development a of with non-tutoring quarter

September and proposed in of announcements included On to tutoring governments out steps the PRC's announced we competent business subjects for and align set quickly With anticipated late applied to disposal. our system terminate latest the services dispose changes with we regulations. academic the XX, to China's sweeping better in to the approve evaluated July, compulsory the of plan local the after-school education and to industry

XX% to completed XXXX, subject approval. transaction the policy, that Due execution in double of no the by of We subjects approximately educating reduction assurance ultimate year-over-year to by decreased will by be included billings gross the or timing to regarding the China's be can be decreased the the expect disposal the There academic billings, Gross from third system complete. were regulatory quarter. the in RMBXXX quarter. net to adult courses our third in XX% end including derived XX% a compulsories of million, revenue tutoring approximately for year. year-over-year million narrowing education. third revenues RMBXXX representing Total last XX% the the with year-over-year, total academic for Operating operating a the loss for to and XX.X% decreased quarter compared of X.X%, RMBX.X sharp was margin increase from compulsory period billion, with same loss significantly

and call, are As learning core pillars adult future our the we vocational courses for X digitization in the STEAM courses, solutions last mentioned in growth. education products,

through you segment. of the walk me progress let Now each

learning maintained by led record increase revenue industry-leading QX growth our million, Pen. First, RMBXXX our product momentum. Dictionary XX% XX% quarter-over-quarter, year-over-year products strong learning segment and increase reached a a

product and with EAP, Pen [indiscernible] and upgrade collaboration parent We partnership in significant PE our and recordings Chinese of electronic the of listening launch education press continue provide to directly company Pens. publishes speaking over X,XXX the Dictionary with content. Through basic marks upgraded XXX,XXX in education education In QX, Pen, Dictionary shipped textbook training Dictionary whose The people's people's version first textbooks the we we Ministry approximately under Education. September.

students real-time speech more part, generation effective AI like correction facilitate adapted new [indiscernible] learning learning. AI our and Dictionary technology, Youdao features gross Youdao launched in by subtitles, also pronunciation We powered scoring

on The demand. website strong view part We related of encourage you listening video complete to out first to get reflecting a were sold week, X IR of listening part. our batch within picture more Youdao Youdao a

look courses. at STEAM a let's Now

Weiqi revenue from QX, students check more interactive We at supports increased and any so or and progress each is becoming learning and program, by more mini more quarter. our can XX% Youdao Weiqi popular time. Youdao upgraded again their a Youdao launched In AI assessments Weiqi features system than quarter-over-quarter. that which

programming course, have in lot CSP use school pipeline coding NOIP, for middle lot. product, learning in asked contacts China. the we a like or As students participate a the programming our users of for launched Also, are to used ICOS, and which popular programming a content new our school high most

well Youdao students become how they allowing has used are and by is than to all provides X/X quite to a doing. CSP of It CSP popular more understand contestants. better now assessment

the teacher programming context third results. in China are NOIP active efforts PTA quarter, CSP combining programming already the we has Finally, computer a promoting federation, announced for team training. is body a officially very good trainer accreditation seeing of organizing area that in and become member Overall, us, Youdaa

the to web [indiscernible]. in XXX of by help about whole level, well. in vocational these launched vocational Gross and Memory RMBXXX slight forward. leading year-over-year. an is mainly Classroom courses decrease Recently, X% RMBXXX Extraordinary government weakness Moving The for English going due gross with million is training digital promised experts, created learning courses in COVID. web the training in learners consumer to and area services supported by The adult were a and It QX. of jìyì services society increasing complementary provide on Amazon billings learning Amazon policies decline memory is reasons segment to including courses. retains adult Cloud to On courses. It needs NetEase relative de position we there very training are It Chinese. a for million, their officially courses Feifán the approaching billings also cost, doing is more general cloud-related with to improve

the experience content Our popular courses. lot Extraordinary teams of have a in Memory like learning creating

more courses the release in in coming growth and area. quarters will this self-developed We drive

education As called homework test, automatic of product analytics in-depth school seamlessly digital It the of paper-based students, and paper-based learning of efficient, initiative helps as It and learning new well. of generation kind education that and the new national other and student XG, guidelines grading and districts. infrastructure big XXXX. for work the scanning on this and and supports and The first intelligence, high-speed schools digitization we of artificial Youdao's safe intensive, new reliable intelligence, technologies, process fitness helps deployed and bridges Ministry solutions, which Youdaa's believe infrastructure on teachers, is lot. learning the generation AI-driven schools. cloud second launched blockchain. easy this smart QX, Terminal-II, requires Since proposed, schools working materials the and comprehensive with application adoption the of data, forward appliance recent for such computing of has digitally. deploy a of been truly The and very we in year, both an for to learning in departments by guidelines products education the QX. many constructing issued homework educators our more believe policies expertise, We teaching last first initiative smart terminal Education and generation. and We look that to classrooms other In jointly is

and its parts function for In supporting launched economic mobile at papers click Looking of searching one business. our QX, Dictionary app, Youdao an other translation. in academic search

functionality videos. like to its extended content also We learning search

Youdao users mission intelligent Dictionary Moreover, of learning learning. QX. achieved reached in as company XXX a milestone all help a million learnings cumulative with an efficient to more

and aims This services provide Youdao digitally Dictionary to the feature their expand enjoy to disabilities users. technological equitably. for accessible advancements to of challenged learning users with started support benefits

also course companies of those Youdao's. tutoring hours can. on business these In We for when the companies help exchanging in some out we going help by of we need QX, customers

association was education mutual Youdao China these assistance efforts. for for commented industry the by nongovernment

months dozen growth So far, customers implementation a we introspection over have company and a from The we institutions. new in been us. period trajectory. planning journey helped for July, AST of to started on transforming our few a have a In last

have progress. we finish we As QX, good made

look on and regulations have the responsibilities and and and taking the are scope our As for always, plan committed We our efforts within solid the business learn hand give products. teams that, the running more you we through and we And I on of Peng Thank believe with users lot We updates of to growth are more corporate large. a all helping will laws it. right financials. better our society to execute to you. a to over forward community to Su

Peng Su

some our press XXXX presenting Dr. and release to read details. hello, from our We further for encourage through issued third I everyone. financial be earlier Today, you, today highlights Thank you will Zhou quarter.

in student year-over-year the China's XX.X% education to enrollment, segments approximately in RMBXXX.X by China included double including XX% year-over-year student adult student courses gross the and quarter. Total respectively. paid Paid As decreased from decreased quarter enrollments quarter. decreased billing system for billing, for academic year-over-year. the system account execution by subjects enrollments and education from our XX.X% adult of the third included by including premium enrollments XX% for Gross service, in XX% the XX% paid adult Total for policy. approximately decreased paid in Paid compulsory in as enrollment billing third million courses of reduction decreased tutoring gross compulsory year-over-year the to by due student courses, well. K-XX third premium courses and

represents a record increase RMBX.X total or For XX.X% an third XXX.X of from net the This of quarter quarter, XXXX. reached billion third the million. revenue USD

attribute volume our were in Dictionary XXXX. RMBXXX.X substantial period revenue up XX.X our same which increase in XXXX. Looking enrollments million, million, USD same were in We from Net or from XXX.X XX.X increase XX% at driven the the growth student segment. from learning period up to the revenue or generated the driven period USD online Net XXXX, second paid this from our marketing million, million Net the Youdao services by our increased RMBXXX.X in XXXX. this products from RMBXXX in of during quarter the a X.X% same XX.X% were tutoring or further sales revenue period growth services services, from growth revenue the of million were in by Pen. representing from learning by million, USD the

compared For increase The million from learning services Youdao's for XXXX. our of the economy faculty quarter increased XXXX. of quarter USD products XX.X% Pen structure. the XX.X% volume was period was XXXX third XXX.X the to of for mainly learning or XXXX gross version Gross for Gross scale than of third third The ongoing the of learning for XX.X% same to a margin driven in was services improvement the for XXXX. with XXXX, margin up for marketing for RMBXXX.X the of XX.X% profit higher substantial attributable third increased carry optimization the quarter, other XX.X% margin in of Gross same third and third in Dictionary reached improved quarter gross online compensation which the the sales products. from by X, up the total compared rise with period quarter to the for of XX.X% for margin XXXX. XX.X% quarter million, Youdao

down was million, third the billion quarter, that, RMBXXX.X in the RMBXXX.X or third expense marketing XXXX. decreased year. million were XX.X% Research total the For period and million XXX the our RMBXXX from quarter billion USD quarter in the last third and of RMBXXX.X were significantly expense With RMBX.X million sales development for third compared operating million, with XXXX. expense same of quarter, from for RMBX.X

last with gross of year. of XXXX X.X% quarter third compared same was margin operating in period XX.X% the for the Our

diluted per with million net with USD for For RMBXXX.X or to the third million, million compared loss quarter for the shareholders period basic RMBXXX year. of shareholders to loss million the ADS year. period XXXX, was same the or quarter and loss RMBXXX.X per Non-GAAP USD Basic our diluted was last and for was loss the XX.X X.XX. RMBX.XX third for attributable RMBXXX.X for ordinary ADS USD was last attributable net third million compared RMBX.XX quarter net X.XX. XX third or same the quarter USD million or net Non-GAAP ordinary

million. Our operating activity net RMBXXX.X or was USD million third in XX.X the cash for quarter used

of XXXX, sheet our services like concludes for XXXX. deposits balance deferred which December USD RMBX.X We our This of the million XX, investments, Thank September the our as you share, cash with RMBX.X at the revenue consists mainly compared or equivalents, now call XXX.X At of XXX.X RMBX.X billion Looking for Operator, to go contract cash, billion as questions. restricted your short-term remarks. your million. term XX, liability, Please and end period, billion cash, USD or were total of our open prepared attention. choosing ahead. would our to

Operator

Instructions]. [Operator

of line Zhong comes question of first Sheng Morgan the The from Stanley.

Zhong Sheng

And congratulations result. for the good

any my like would on learning the the Can reduction, what the is are pipeline K-XX like I double for what's product of momentum? a business. devices said, you And on is I last the non sales more devices reason from the margin we all to for quarter. potential start So give please year? And should management margin think next for eyes color after devices. the I the learning And gross question the devices? And see be QX learning normalized and Any than target devices the particular bit the the this? lower learning also, of learning

Feng Zhou

XX% for Yes, Yes, so Yes, RMBXXX million. Zhou. revenue Feng learning Sheng, question. growth. comes is Thank in this the you, it's products at year-over-year

impacted in negatively were collaboration positively by product in So episodes impacted QX. the people's by strongest like Yes, it in so people's new It and Pen, education, August COVID education. the September we're within happy the so is quarter, sales Dictionary with September. with launches it. is Yes,

this is year the the students, year. parents September, of new they for started new start and So school school gears. and new learning And shop this

year Last competition. we year, And So be didn't of despite have performing we our turned products lineup to have This competition. episodes. more the very out year, COVID despite more well competition. any this

XXXX the leading So we talking on more conclusion festival. electronic sales The products. compared devices were X consecutive [indiscernible] for new XX% JD Thursday our was is dictionary learning have recently, -- years last to the Yes, the so about so been up Yes, platform. seller [indiscernible]. shopping of

on released textbooks. the audio People's and was the on elementary the Pen official And the X. includes it all Dictionary text September full Education school So materials English

-- feature Dictionary as the this the is number for is Pens So we this since said, X Dictionary the release. Pen

part, students finally, another economical in the have So listening new a also released and QX. it the enjoy more Youdao product, we is now can textbook also And convenient experience.

its bit little performance. Let a me talk about

enhancing product, speaking our So new English students, it and is first on product listening XXXX. since also category new It focuses capabilities.

of So material English learning over challenges standardized test. solves X,XXX it students and provides key driven in adaptive in employees listening, face technology

So students phone. the keep without using importantly, all it it perhaps really solves provides cell these more features on. And

experience Yes, to it's enjoy released, popular. the out once cell distraction actually the without So students a quite from so it be phones. learning turns

As the we said, pods a of was the week. several thousands sold listening batch of first out in

off great start. to a was Yes. So it

we on comment every our for landscape here. and So proprietary understanding The students' thing always AI key that our leverage let learning me of deep technology quickly competitive the is learning product, patterns.

these years comes So products. these from many of R&D and on education working

hardware companies So advantages as we learning other and space. about also doubling this believe these talked our are QX, we Internet down entering products against in on are Also, R&D. companies we

few the next product strongest believe we have now quarters. ever in Yes. So we the pipeline

information quarters. So in we will few And new products out we'll more as the share close. come about get next them

very So confident our are future teams about these products.

the about And we margins. await. can talking So

to XX%. So from XX% period it's same year margins compared gross Yes. the learning for to actually products, last increased

bit compared little Yes. XX%. it's from down So to a QX, -- it's

end the Pen. due we the at are timing it is second-generation the the now lifecycle of Dictionary of because mainly So to

But we generation. close are we than selling to third-generation Dictionary So the generation. more end-of-life Pens second as for get the second

So clean lowered the Yes. the naturally, we to price inventory.

answers we expect be temporary to increase. So I your expect the we cleaning hope gross to that to Dictionary After Pen Yes. this X the up margin, start inventory, situation. a question.

Operator

Brian is question The from CICC. The of Yuzhong is question next Citibank. from of Gong Gao next

Yuzhong Gao

in [indiscernible], to to Following their or AST courses et also as STEM future. other the business companies government's many opinion, leading such plan the cetera, coding transform

you And think advantage? the competitive is sector? about competition do what what So this in our

Feng Zhou

Feng. Zhou Yes, Yes. this is

courses, So or STEM STEAM yes. courses

Yes. this segment now. of So it's lot companies are focusing a on --

So right Yes. with I we you competition. now of thinking's can in have terms several share

on we So that think we try competitive have first always to advantage. a is, focus large verticals we really

actually So Yes. quite STEM areas, and STEAM, they are -- they segments. large

when talk vertical. STEAM a we're So courses, actually or we about STEM about talking specific

Weiqi? on do for example, people us, So of we why ask a so lot focus Yes.

when very it's cause, -- doing a So starting doing small in area. start Weiqi -- the we

Weiqi people then a that if in at many have why a choice are it. time not themselves, you learning how it of you they interested learning pay attention So lot But good is and can people for courses. online understand a actually to look hard actually it

So every there Weiqi the million of President for And example, over in year, learning Chinese X Weiqi Association, to actually Weiqi. XX new according the China. learners are players million go about

it's people So we hard has hard actually Weiqi users, think for because -- and by to it's themselves a it potentially is lot it game. of a learn

So QX, Weiqi in so XX% grew revenue sequentially.

So think right chose we the so we product. we

to to So we continue grow quickly. it Yes. expect

large verticals, we potentially first, large on verticals. Yes. So focus

principle one, are kind quality we of long-lasting courses or think satisfied we depth depth. is the and for second and have key quality highly So that and products

and X are Weiqi top right both for coding more in than products now development years. have been So

AI or So systems, products. we involve interactive our techniques learning self-developed even hardware

have a we So our costs. good It's coding hardware product for feedback. got

product is the we overall, always. So than so more marketing as think important excellence

are limits and think So building [indiscernible]. also given with very that good double product products especially marketing. And we our the reduction at teams excellent so grow

we So the we a depth. good because very think on focus STEM quality students' are we And shot courses have lastly, increasing. I at needs think and

students because more a of So have for students, time. example, young lot

schools students reduction. STEAM their and will institutions time interest to double So this have other -- pursue And now used on after also to courses. they more we work use with

after to So again, more we double be expect reduction. organic and the rational market

burning no And so promotion was. money

the really They end. think in are we So will products. really, good the high-quality win and

Operator

of question Jefferies. The Thomas Chong is next from

Thomas Chong

competition comments our strategies this competitive can in in segment? first edge well our And education, question regarding the as adult our about as management

Peng Su

your think [indiscernible] to just yes, ask indeed, the players start our question that's business and our We probably [indiscernible]. first business. restart X we the intensive business. and competitive education are China have for second into because back enter now. of X will start to our business I I adult XXXX questions more -- our enter change, because the test about Level And education the the not want education our more started from test business we And business, will education And regulation into we the we it's these And just But handle we your in landscape. for when business the highlight I first. already set Level and have English just

experience build a cumulative the process collected the we built as how So adults. that SKU. education already online the for SKU business the high-quality Extraordinary up for well about we as up the to content of we courses for successfully think and about very our operate how have different Memory to for English adult lot education the for for Especially, the

our after and us think training this run, -- in content the government in up -- all we for well vocational encourage China. that helps adult to and quarters with definitely, how and the to third build resources we strengthen as the about quarter also, as will in think as the investments success different a experience we addition, especially how promote of in level the we well more sector And to to offer and planning support So lot we about run. -- we the education courses of more investment the [indiscernible] for into the long upcoming before there's from to will in we their adults in to services and our long for the the content be followed operate those needs

potential this some for area. there's about great think we So

So about business. this very that think futures bright we for

in vocational courses, IT we question also of we to are, good and progress English the in so training, Yes, courses. next first courses also our we expect offer cases the training the the quarters. And size SKU go on our to more we our for the other and our are expect especially pipeline, right extraordinary and your now, of back about few

that share to your more will hope question. expect I when And with you. We information closed. get I answer

Operator

Candis is Daiwa. question next of The from Chan

Candis Chan

about progress this in digitalization. investments increase business? this key area? And the more finally, you education, is is in the segment? one share the may And I my you question are And also, question who Can will this ask in the competitors about further

Lei Jin

of believe size in company, to targeted it's solutions. XXXX. in education. should education to over policy digitization for technology We the team Talking and to a be potential market intelligence that establish advantaged the the huge department fee new schools the help [indiscernible] The RMBXXX our billion digitalization in patient build development is [indiscernible] And public to solutions. companies we which with

Lu we scanning AI the this create have effectively spans design data, This Youdao don't In X-in-X Big related opportunity teaching have quarter, of with Youdao using content first the data have content and And within in we technology. transfer teaching a high-speed printing functions. and of to contact and believe achieved smart software of we create other we advantage comprehensively the intelligence the class high-speed and integration X. and With AI we understanding data learning experience meet learn targeted education deep indicators digital launched more and is and percent daily [indiscernible] to and education. demand effectively Therefore, building. technologies, technology, hardware before accretion a terminal to data efficiency device learning help ability. our hardware, teaching that a analysis, after through and collection and

Peng Su

Yes.

position. few the me a add Let words on

So solutions. education digitalization

a quite area. So large this is

of kind actually market doing companies this. $XXX not total $XXX billion to there are as So billion

by So necessarily and time. a this include These new Tencent. time, Companies not dense [indiscernible] there more traditional including the traditional. more Yes. a companies familiar are doing longer names for doing And entering like companies this also space, longer for

So we interested our this, a combine a but education time, -- product shown, education for as hardware, and think long content. products in companies we doing we lot has are combine artificial we can intelligence been of and doing have

a way have way. can products of we in doing better different these think a we So

Operator

The is Macquarie. from next [indiscernible] Instructions]. of question [Operator

Unidentified Analyst

license second of is is [indiscernible] about progress that? the finished what the project do all My it's the about is progress And business. what And question is it? how my of question time? business more spinning of you the in application, -- off how What specific

Jeffrey Wang

your Wang. take question. is will This I

SD in disposing still academic for business process the business or education. of commentary our are We

our our the in Up accessing organization. business quarter. from mentioned no in revenues business for the material-related actively revenues our As on nonprofit is third there's But accounted for timetable to approximately still XX% license the authority clear the total the government [indiscernible] of on this. to application now,

will deal the We expect in with and this business the proposed connection authority terminated government constructively still to continue disposed the with of to of be the end year. work by

As disclosed again the our timing all We the XX base that of transaction this any on in will proposed announcement official for September is earnings no reminded that there you of or ultimate time. be the assurance completed. deal regarding the

update the We the of license or process made. material if market, application data to the will deal status was of business any the

Operator

Citibank. The of next from Gong is question Brian

Brian Gong

the months very I'm on a other smart few and directions since on that happened it sorry includes AM been question is my we new also the And about devices. just earlier. business, which area has proposed STE, technical some education, courses

progress modifications there any new our on give update management are whether and some latest the can to So strategies? us

Feng Zhou

Yes.

change there's the whether So new strategy you're -- asking the about reduction? any double to after

Brian Gong

Yes.

Feng Zhou

Yes.

me let few about -- So key a Yes. things. talk

talk we X-pillar and So think right a yes, the thinking have about pillar, that yes. are short are executing progress. we we And the about more call actually let the things answer making and what The we strategy, few strategy. good is it, we X about me

and AI want creation. Yes. make business our core. always is So the the learning point strong will first content is have I that That a to

actually core single talk But and is directions The around So for about core. businesses. artificial it's a we learning centered X content. the intelligence

we this we whether these that one of And whether one different we that. call, setup that have growth or of more But them. do to will each good for this we may of we now, or put represent think now. And focus we good them think could is down them us. opportunities. services. around we want And of them road, of that a on just now X So all we we products will X we -- -- about case. want them That think thought built find on to efforts about so But the is focus be the into is right compelling right

make point the of second is want importance the So products. that I to good

So strong you that build if build one focused can I've around the already very business view can had then lot you people's, that solves product always of a the a product. differentiated

progress key future for of is our growth product Yes. So business.

this relatively small businesses particular time, of X So are in these when some scale. at X

look So talking is at programs. Yes. about That's last time why we more more to during important it product actually products quarters. spent the X

will we products. of from So a for success watch sign these

actually achieved example, selling in listening for So Yes. shows that Youdao an I of It's pod, R&D. talked many batch the early week. market that a first after sign Youdao for out product months about we've likely product fit this

So Yes. we think this is just key. the

Yes. And we key. But So achieving have can that, all market the relentlessly then products, product then scale product as is for sales. and market fit improve iterate more business. long as before we fit can and and spend energy we marketing on

cost and that And we to also is another example September. So let that a attention we me with in share about you pay you course Odisha more talk progress. more will product launched

methods, So Chinese bilingual also combining it teacher English and AI-based it's innovative special interactive and think a pretty it's course teaching. also and uses because I Yes.

And was Weiqi's So the trajectory. we watch the its we first compared first with month. found actually Weiqi month, -- the first that chess for for Youdao multiple better cost times for

that something another sign think are another right. doing we way -- we that's Yes. So

and make new forward. to last third ramifications for point financial want of this is, strategy going what I the about The

the they that, that's short the that now, a And goes our business larger but to in many growing. expected. tutoring see non-tutoring have side And down, growth at business, for be our academic keep part overall, part we take time deceleration be growing. keep the accelerated more business as quickly So They expect been they actually of quarters growing non-tutoring And some for because will growth time. top to line a again after term.

in So of down stable expect expense highlight I in go as line, substantially bottom short line like marketing, we shrunk. loss operating in that the relatively bottom has and term. QX, Yes. cost terms sales would to S&M quickly improving see or slightly to

million with XXX XXX million XX it's So quarter. last or million compared year-over-year versus

good I So Yes. we're making progress. think

So the Yes. points. that's X

answers that hope I So your question.

Operator

And back for additional over Question-and-Answer that Session. to the any would like turn to management or the concludes the comments. I conference closing

Jeffrey Wang

Thank you for us once again today. joining

directly Relations any at TPG If reach in have questions, to day. great you feel free contact please a us U.S., have Investor out China or further the or Youdao to

Operator

for you conference Ladies is over. now and gentlemen, thank joining. The

disconnect may you. telephones. your You Thank

Youdao (DAO) 16 Nov 212021 Q3 Earnings call transcript