Four Seasons Education (Cayman), Inc. Q3 FY2021 earnings call

• Total student enrollment reached 53,493 in Q3 2021.
• Middle school classes enrollment saw a 54.5% year-over-year growth, a new record high.
• Enrollment retention rate continued to grow.
• Enrollment from learning centers outside Shanghai rose 45.5% year-over-year in Q3 2021.
• Introduced the duty to model in more cities, deploying lead teachers and educational resources from Shanghai with local face-to-face guidance.
• Focused on enhancing curriculum offerings, co-curricular activities, and improving educational services in learning centers while adopting digital technology to optimize efficiency.

In the third quarter of Fiscal Year 2021, revenue was RMB 67.6 million, down from RMB 103.5 million in the same period last year. Cost of revenue decreased by 15.9% to RMB 42.5 million from RMB 50.5 million in the same period last year. Gross profit was RMB 25.2 million compared to RMB 53.0 million in the same period last year. General and administrative expenses decreased by 9.0% to RMB 30.4 million from RMB 33.4 million in the same period last year. Sales and marketing expenses decreased by RMB 14.2 million (14.2%) to RMB 7.5 million from RMB 8.8 million in the same period last year. Operating loss was RMB 12.8 million compared to operating income of RMB 10.9 million in the same period last year. Net loss was RMB 8.8 million during the quarter compared to net income of RMB 11.3 million in the same period last year. Cash and cash equivalents as of November 30, 2020, were RMB 439.0 million compared to RMB 404.7 million as of February 29, 2020.

• The company expects to generate revenue in the range of RMB 64.0 million to RMB 67.5 million for the fourth quarter of Fiscal Year 2021.

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