New Oriental Education & Technology Group Q3 2024 Earnings Call Transcript

Quartr
Provided by Quartr
April 24, 2024

There are 10 speakers on the call.

Operator

Good evening and thank you for standing by for New Oriental's FY 20 24 Third Quarter Results Earnings Conference Call. 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.

Operator

Cixi Zhao.

Speaker 1

Thank you. Hello, everyone, and welcome to New Oriental's 3rd fiscal quarter 2024 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, Stephen Yang, Executive President and Chief Financial Officer, and I will share Neuranto's latest earnings results and business updates in detail with you. After that, Stephen and I will be available to answer your questions.

Speaker 1

Before we continue, please note that the discussion today will contain forward looking statements made under the Safe Harbor provisions of the U. S. Private Securities Litigation Reform Act of 1994. 5. Forward looking statements involve inherent risks and uncertainties.

Speaker 1

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. 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.

Speaker 1

Neworrento.org. I'll now first turn the call over to Mr. Yang. Stephen, please go ahead.

Speaker 2

Thank you, Cixi. Hello, everyone, and thank you for joining us on the call. We're pleased to announce that NeoOriental has achieved robust growth this quarter that has surpassed our expectations. The remarkable top line performance this quarter has spoken volumes about sustained recovery across our diverse business lines, while steady expansion of our new business made healthy contributions to the company's revenue, invigorating our portfolio of innovative endeavors. New Oriental's bottom line performance has achieved encouraging yields with operating margin and non GAAP operating margin reaching 9.4% and 11.7% for this quarter, respectively.

Speaker 2

Thanks to the combined efforts of our restructured business model, better utilize the resources and streamline cost structure. Bolstered by vital growth across all business lines, our commitment to maintaining a healthy market share growth stands firm as we strive to create sustainable value for our customers and shareholders in the long term. Now, I would like to spend some time to talk about the quarter's performance across our remaining business line and new initiatives to you in detail. Our key remaining businesses have tended a promising upward trajectory, while the new initiatives secure positive momentum. Breaking it down, the Overseatestrabs business recorded a revenue increase of about 53% in dollar terms or 59% in RMB terms year over year for the 3rd fiscal quarter of 2024.

Speaker 2

The overseas study consulting business recorded a revenue increase of about 26% in dollar terms or 31% in RMB terms year over year for this quarter. The Diodes and University Students Business recorded a revenue increase of 53% in dollar terms or a 60% increase in RMB terms year over year for this quarter. Our multi pronged new initiatives, which mostly revolve around facilitating students' program development, have continued to deliver continued growth and meaningful profits to the company. Firstly, the non academic tutoring courses, which we have offered in around 60 existing cities, focuses on cultivating students' innovative ability and comprehensive quality. The markets we have tapped into have recorded elevated penetration, especially in higher tier cities, with a total of approximately $3.55 due enrollments reported in this quarter.

Speaker 2

The top 10 cities in China contribute over 60% of this business. Secondly, the intelligence learning system and device business, a service designed to provide a tailored digital learning experience for students to enhance learning efficiency has been adopted in around 60 cities. We have observed to enhance the customer retention rate and scalability of this new initiative business, with approximately 188,000 active paid users recorded in this quarter. The revenue contribution of this initiative from the top 10 cities in China is over 55%. Our Smart Education business, educational material and digitalized Smart Study solutions have continued to contribute material results the overall advancements of the company.

Speaker 2

In summary, our new educational business initiatives reported a revenue increase of 73% in dollar terms or 80% increase in RMB terms year over year for this quarter. In addition, as mentioned in the past quarters, we inaugurated a newly integrated tourism related business line as one of our creative venture. Tailored with diverse offerings of culture trips, study tours in China and overseas, as well as camp education. New Oriental's cultural tourism business shared the spirit to provide premium quality travel experience. Sites are infused with the joy from culture exchange, knowledge sharing and personal fulfillment.

Speaker 2

Within the new business line, our study tour and research camp business for students of K-twelve and university age achieved inspiring growth in this quarter. We have conducted study tours and research camps in over 50 cities across the country with the top 10 cities in China offering over 55% of revenue share of this business. We also pilot a number of top notch tourism offerings to expand our reach to all age groups, including the middle aged and elderly individuals across 25 featured provinces, As we are still at the preliminary stage of the planning, testifying and evaluating the availability of this business in select regions. We will keep you posted should there be timely updates. With regards to our OMO system online merge offline system, we have to persist in revamping our platform and leverage our educational infrastructure and technology edge on remaining key business and new initiatives with the mission to provide advanced, diversified education service to customers of all ages.

Speaker 2

During this reporting period, a total of $25,500,000 has been invested in our OMO teaching platform, which equips us with the flexibility to maintain our rival service to students. With regards to the Easter Buy, Easter Buy attained sustainable growth momentum in this quarter, thanks to a rapid development of its private label products. As part of the ongoing expansion strategy for an early venture like EasterBuy, we have devoted substantial investments to support the growth of the company, including the optimization of the Easterby's multi platform strategies, supply chains, product offerings as well as quality control to safeguard on product quality and regions. We're glad to see the ease to buy has further enlarged its customer base following the latest establishment of time with the Yuhui channel under Yin. In addition, further enhancements in Istebay have been made through our comprehensive organizational structure, strategy enhanced for professional talents and app upgrades, all of which strengthens EasterBuy's private label products and live streaming e commerce.

Speaker 2

The resources we committed into Easter buy have thankfully nourished improved user management and loyalty. And we look forward to leverage this input to propel further growth of the platform that promise premium offerings and sustainable growth for our customers. With regards to the company's latest financial position, I'm confident to share with you that the company is in a healthy financial state with cash and cash equivalents, term deposits and short term investments totaling approximately $4,800,000,000 On July 26, 2022, the company's Board of Directors authorized a share repurchase of up to $500,000,000 of the company ADS or common shares during the period from 28, 2022 to May 31, 2023. The company's Board of Directors further authorized the company to extend its share repurchase program launched in July 2022 by 12 months to May 31, 2024. As of yesterday, April 23, 2024, the company repurchased an aggregate of approximately $6,000,000 ADS for approximately $195,300,000 from open market and then the share repurchase program.

Speaker 1

Other key financial details for this quarter. Operating costs and expenses for the quarter were $1093,900,000 representing a 59.1 percent increase year over year. Non GAAP operating costs and expenses for the quarter, which excludes share based compensation expenses, were $1066,400,000 representing a 60.1% increase year over year. The increase was primarily due to the cost expenses related to substantial growth in Eastaby's private label products and live streaming e commerce business. Cost of revenue increased by 74.5% year over year to $644,800,000 Selling and marketing expenses increased by 57.1% year over year to $161,300,000 G and A expenses for the quarter increased by 33.6% year over year to $287,800,000 Non GAAP G and A expenses, which exclude share based compensation expenses, were $273,600,000 representing a 40.7% increase year over year.

Speaker 1

Total share based compensation expenses, which were allocated to related operating costs and expenses, increased by 28.3% to $27,500,000 in the 3rd fiscal quarter of 2024. Operating income was 100 and $13,400,000 representing a 70.6% increase year over year. Non GAAP income from operations for the quarter was $140,900,000 representing a 60.3% increase year over year. Net income attributable to New Oriental for the quarter was $87,200,000 representing a 6.8% increase year over year. Basic and diluted net income per ADS attributable to New Oriental were $0.53 $0.52 respectively.

Speaker 1

Non GAAP net income attributable to New Oriental for the quarter was $104,700,000 representing a 9.8% increase year over year. Non GAAP basic and diluted net income per ADS attributable to New Oriental were $0.63 $0.63 respectively. Net cash flow generated from operations for the 3rd fiscal quarter of 2024 was approximately $109,400,000 and capital expenditure for the quarter were $80,100,000 Turning to the balance sheet. As of February 29, 2024, New Oriental had cash and cash equivalents of $2,013,600,000 In addition, the company had $1570,800,000 in term deposit and $1175,300,000 in short term investments. Neurantal's deferred revenue, which represent cash collected upfront from customers and related revenue that will be recognized as the services or goods are delivered at the end of the Q3 of fiscal year 2024 was $1521,700,000 an increase of 30.8 percent as compared to 11 100 and $63,200,000 at the end of the Q3 of last fiscal year.

Speaker 1

Now I'll hand over to Stephen to go through our outlook and guidance.

Speaker 2

Thank you, C. C. As we progress into the Q4, which is typically expected as a slower quarter comparing with the Q3 in terms of the revenue growth and profitability due to varied seasonality of our key educational businesses. We place confidence in sustaining a healthy growth building on the collective breaks of our rooted foundation, brand advantage and influential teaching resources. Our strategic focus and investment approach aim at achieving satisfactory operating profits in the rest of the year, coupled with the year over year margin expansion for the full year.

Speaker 2

As always, we will work diligently to adhere to the latest guidance from the Chinese authorities on enhancing the nation's education level to strengthen its leading position to further strengthen our edge on all business lines and creative endeavors. With regards to the learning center and classroom space, as part of the continued evolution of our offering across business line, we plan to increase our capacity by around about 30% for this fiscal year, by which a reasonable amount of new learning centers is expected to be opened, while classroom areas of some existing learning centers will be expanded in a few major cities. Most of the new openings will be launched in the city with better top line and bottom line performance in this year. At the same time, we will continue to hire new teachers and staff to match our capacity expansion and support our revenue growth, especially for new education business initiatives and newly integrated tourism related business. We expect total net revenue in the Q4 of 2024, March 1, 2024 to May 31, 2024 to be in the range of $11,500,000 to 1,000 $127,300,000 representing year over year increase in the range of 28% to 31% in dollar terms.

Speaker 2

The projected increase of revenue in our functional currency, RMB, is expected to be in the range of 34% to 37% for the Q4 of this fiscal year 2024. To conclude, New Oriental is determined to persistently expand our existing offerings and fertilize new endeavors, dedicating strategic inputs to sharpen our capability. We will also continue to devote reasonable resources on research and application of new technologies such as AI and GPT into our offerings. We have strong belief that we could uplift our strengths to favor further growth, better margin and operating efficiency. At the same time, we will also continue to seek guidance from and cooperate with the government authorities in various provinces and municipalities in China in alignment with these efforts to comply with the relevant policies, regulations and measures as well as to further adjust our business operations as required.

Speaker 2

I must say that these expectations and forecasts reflect our considerations of the latest regulatory matter as well as our current and preliminary view, which is subject to change. This is the end of our fiscal year 2024 Q3 summary. At this point, I would like to open the floor for questions. Operator, please open the call for these. Thank you.

Operator

Thank you. The question and answer session of this conference call will start in a moment. In order to be fair to all callers who wish to ask questions, we will take one question at a time from each caller. Your first question comes from the line of Felix Liu from UBS. Please ask your question, Felix.

Speaker 3

Hi, good evening management. Thank you very much for taking my question and congratulations on the strong growth and guidance. My question is on growth. So first, I understand that Q4, we will have a bit of seasonality in the Education business. So maybe could you just share more color on the growth in different business segments in Q4?

Speaker 3

And also you mentioned that the capacity guidance, the expansion guidance for the year is now lifted to 30%. Do you how do you see that as a capacity expansion pace going forward? Do you think 30% is a sustainable expansion that we can maybe keep for 2 to 3 years? Thank you.

Speaker 2

Thank you, Alex. Yes, as you know, we did the top line guidance this quarter a lot, just like the past couple of quarters. And as for the revenue guidance in Q4, which seems to be a little bit lower than the Q3 year over year revenue growth. There are three reasons. Number 1 is, as always, we're quite conservative to give the guidance.

Speaker 2

So this is number 1. And number 2, yes, as you know, Q4 is typically expect as a slower quarter compared to the Q1 and Q3. And because of the seasonality, for example, like before the K-twelve related business and the overseas related business, typically Q2 Q4 is the low season. And number 3 is, in the last year Q4, without the impact of the pandemic, I think our business in last year Q4 was basically back to normal. So that's why we gave the Q4 top line guidance seems to be a little bit lower.

Speaker 2

But I think in my personal view, I think the guidance, in dollar terms, it's 28% to 31%. In RMB term, it's 34% to 30 7%. I think it's still very strong. And I think in the coming new fiscal year, that means that fiscal year 2025, we're quite optimistic on revenue growth with the margin expansion for the whole fiscal year 2025. As for the expansion plan, yes, we raised the guidance of the capacity expansion by 30% year over year this time, because we're actually we're taking the market share.

Speaker 2

And I think the demands from the customers are very strong. That's why we raised the guidance of the expansion plan again this quarter. And going forward, next year, I think we will keep almost at the same pace to open the new learning centers because we made the analysis of the market demand and the supply. So I think we're still on the pace to take more market share. And as for the revenue growth of the different business and did we disclose it in the next quarter?

Speaker 2

This is

Speaker 1

roughly for key business lines like overseas related, including the test prep and consulting will grow roughly about 15% to 20% range. And domestic test prep university students business revenue growth will be around 20% to 25% range. And high school tutoring will grow moderately and the new business, new initiative, which is the key growth driver, will be over maybe 60% revenue growth. This is based on the exchange rate that estimated by us while we do the projection. That sounds right.

Speaker 1

Yes. Okay.

Speaker 3

Okay. That's very clear. Thank you.

Speaker 2

Thank

Operator

you. Thank you, Felix. Our next question comes from the line of Ewen Zhang from China Renaissance. Please ask your question, Ewen.

Speaker 4

Good evening, management. Thanks for taking my question. So my question regarding our margin, if we look at the group level operation adjust operation margin, it was 11.7%, which was flattish on a Y o Y basis. Understood that auto incremental OpEx was due to the noise by expansion. So if we just look at the education rate margin, how does it expand on a Y o Y basis?

Speaker 4

And how would you expect to trend in the next few quarters? Thank you.

Speaker 2

Yes. The group non GAAP OP margin was flattish in this quarter. And but within the education business, I think we're seeing the meaningful GP margin and non GAAP OP margin expansion for Education Business in this quarter. Now I think that thanks to the combined the newly the business structure model and the higher utilized resources and the better the utilization for the learning centers and the streamlined cost structure. So it makes the education business margin expansion again this quarter.

Speaker 2

And so going forward, I think in the coming Q4 and even for the whole year, the new year, fiscal year 2025, I think we do have the operating leverage in hand. Yes, as you know, we raised the guidance of the learning center expansion by 30%, and we hired more teachers and staff to match with the new expansion. But I think the top end growth in the new fiscal year 2025 will be very strong and we do have the leverage in fiscal year 2025. So we expect you will see the margin expansion with the healthy top line growth for Education Business in fiscal year in the new fiscal year 2025. Yes, on the used to buy, yes, I think the cost of expenses, especially for the selling marketing expenses, this quarter increase was primarily due to partly due to the ease to buy the investments.

Speaker 2

And yes, I think you saw the very strong the growth in used to buy top line, especially for the private label products and the e commerce business. And I think Easterbuy has devoted substantial investment to support the growth of the company, including the like the optimization of the multi platform strategies in Douyin, Taobao and the other platform supply chain and product offerings and the quality control. And also, Ifabai recruits some more the professional talent people from the market. And so we are optimistic if the buyer's development going forward And we look forward to leverage this investment or input this time and going forward. So in summary, the margin profile for the whole group, so we're quite optimistic about the margin expansion for the whole group in for the education business and in fiscal year 2025.

Speaker 2

And also as well, we do think the East Dubai will generate more revenue, top line growth and more profit to the company going forward.

Speaker 4

Okay. Thank you. That's very clear.

Speaker 2

Thank you.

Operator

Thank you, Yuan. Our next question comes from the line of Lucy Yu from Bank of America. Please ask your question, Lucy.

Speaker 5

Thank you, Stephen. So my question is still on

Speaker 6

the margins. So it looks like judging from the minority interest is that Eastbay might be loss making for the quarter. So how should we think about the East by margin volatility impact on the our group level in the upcoming quarter and upcoming fiscal year? So Stephen, how do you plan those margin for the next fiscal year? Thank you.

Speaker 2

Lucy, I'm glad to hear from you that the questions about the Easter buy. But I'm afraid I'm unable to share with you about the latest financial results at this moment and our guidance for the Easter buy. And in the next quarter, in July, I think Easter Buy will announce their the whole year report, half year report and the whole year report. And so at that time, I think the management of Dongfeng Xianxuan of East Dubai will share more color with you about the margins and the top line growth. Yes, but I must mention that we're still quite optimistic about the East Buy's investment in this quarter.

Speaker 2

And over the long run, I think the Easter Buys will bear fruit from this long investment and will generate more revenue and profit to the whole group. We'll see.

Speaker 6

Thank you, Stephen.

Speaker 2

Thank you.

Operator

Thank you, Lucy. Our next question comes from the line of Tian Hou from TH Capital. Please ask your question Tian. Hello.

Speaker 7

Yes. Hi, Steve and C. C. The question is related to the high school learning center expansion and also the non academic course learning center, what's the retention rate and utilization rate for both of them? Thank you.

Speaker 2

I think for the utilization rate and the student retention rate for both the high school business and the non academic courses for K9 are still improving year over year, actually quarter by quarter. And so the good news for us is we're seeing the trend is still there. And so going forward, we will I think we will see the higher utilization rates for this business for the existing learning centers and the higher the student retention rates. And a couple of years ago, typically, it will span us for 12 months to get the breakeven point After we opened the new learning center, but now I think roughly it will take the half year, let's say, the 6 months to kind of break even point. And so I think going forward, we expect the better the higher utilization rate for learning centers and the higher students retention rate for all business lines.

Speaker 2

Thank you.

Speaker 7

Yes. So one follow-up question. So before the double reduction, so when you guys do the learning center expansion, so there's a tricky line. So how much you do the expansion? If you do, they'll be bigger more than will be impact the growth profit margin.

Speaker 7

So I saw this quarter the gross profit margin relative to last year same time was down like a 5 percentage points. Is that because the learning center expansion or it's because the eSpy?

Speaker 2

Yes. I think the learning center expansion, we raised again the learning center expansion by 30%. I think it is the results that we analysts the whole picture of this business for the last 2 to 3 quarters. And as I said, on demand side, it's very strong, especially for the dynamic courses for the CAT. And on the competition side, the competition environment is different compared to a couple of years ago.

Speaker 2

And so I think and the key is we only choose the top performance cities, both the bottom line and the top line and the bottom line to allow them to open more learning centers or expand the new classroom area for the existing learning centers. So I think it will not drag the whole margin. In offsets, it will help the margin expansion going forward.

Speaker 7

Got it. Thank you so much, Stephen. Good quarter.

Speaker 2

Thank you,

Operator

Tim. Our next question comes from the line of Timothy Zhao from Goldman Sachs. Please ask your question, Timothy.

Speaker 8

Great. Hi, Stephen. Hi, Susan. Thank you for taking my question. My question is regarding the cash flow statement.

Speaker 8

So basically one is on the operating cash flow. I noticed that for this quarter, I think the operating cash flow dropped a little bit on a year on year basis. Just wondering if you can share some color on the rationale or the reason behind that? And second also on the financing cash flow, I do notice that existing share repurchase program is about to expire. Just wondering regarding your capital allocation and the shareholder return, any thoughts on the shareholder policy going forward in terms of potential dividend or for their share repurchase programs?

Speaker 8

Thank you.

Speaker 2

As for the operation operating cash flow, I think I suggest the investors to make the analysis of the cash flow by year on year, not Q on Q because of the business seasonality or the student enrollment window change quarter by quarter. So that's why I suggest to your guys to make the analysis year on year. So if you saw the deferred revenue balance year on year, the increase is still very strong. And so yes, that's it. And that's why we give the very strong the top line guidance for Q4, yes, even though Q4 is weak, is the slow quarter, yes.

Speaker 2

And for the share buyback plan, yes, I think we keep to create more value to the shareholders. And I think we will keep buying the share back. And this round, we announced the share repurchase plan 2 years roughly 2 years ago. And we finished almost half, dollars $289,000,000 And I think we'll keep buying in this quarter. And in this fiscal year end, I think we will discuss with the Board to decide whether or not to extend the share repurchase plan.

Speaker 2

And but historically, we made a couple of times share buyback and a couple several times the special dividend. So our aim is to create more value to the investors as they capital return either share buyback or dividend. Thank you, Tim.

Speaker 8

Thank you. Thank you, Steven. That's helpful.

Operator

Thank you, Timothy. Our next question comes from the line of Tien tsin Huang from CICC. Please ask your question, Tien tsin.

Speaker 5

Hi, Stephen, it's Cixi. So actually I have a question about the financials. So we saw a larger loss from equity method investments this quarter as well as a less investment increase this quarter compared to the same period last year. So I'm just wondering which factors led to these changes. Thank you.

Speaker 2

So I think, yes, we in this quarter, we made the true the investor company entire loss in this quarter. So I think we do have the one time impact on the very bottom line this quarter. I think that all those 2 companies was negatively impact by the 2 deduction policy 2.5 years ago. And but it is a one time. It's not it's just a one time.

Speaker 5

Yes. Thank you. Just a follow-up question about the as also we saw less investment interest this quarter Q on Q. So I'm just wondering the reason.

Speaker 2

I'm sorry, can you repeat again? The investment one?

Speaker 5

Yes. As you saw, less other income, which I suppose is mainly our investment interest this quarter, and it decreased?

Speaker 2

Yes. I think the interest rate in China has been down in this quarter. And so it will I think it impacts some interest income.

Speaker 1

Actually, the interest income is the absolute dollar number are similar with previous 1 to 2 quarters. Yes. Yes. So it's pretty stable.

Speaker 5

Understood. Thank you, Stephen and Citi. Congrats on the results again.

Speaker 2

Thank you.

Operator

Thank you. All right. We are now approaching the end of the conference call. We do have one more question from DS Kim from JPMorgan. Please ask your question, DS Kim.

Speaker 9

Hello, sir. Good evening and congrats on amazing top line growth again. Actually, I wanted to ask about margins and expansion. I think you already discussed all of that. So just wanted to follow-up on one small thing, if that's okay.

Speaker 9

You mentioned earlier that new center expansions are now could be margin accretive because it's primarily expansion of the existing center. But if we only look at, say, newly opened location, newly opened centers for non academic courses, how long do you think how long does it take for those new centers to hit breakeven and then to ramp up to the full level on the center level? I think Back in the days, it took about a year to turn breakeven for the new learning center K-twelve AST and another couple more quarters to fully ramp up. And I'm wondering how this has changed now versus now that the courses has changed it to primarily for non academic?

Speaker 2

I think now typically on average, it will take the 6 months to get a brick new point. That means we ramp up the learning centers even more faster. And so in the 2nd year, typically the margin of the new learning centers depends on the different areas. But I think the margin of that new learning centers get somewhere around 15% to 20%. So it's much better.

Speaker 2

That's why we make the decision to raise the learning center expansion guidance by 30%. And so I think this is a good trade off. This round in this quarter and next in Q3, Q4, even for the whole year in fiscal year 2024, we opened more earnings than the 30%. But it will drive the top line growth up in the new fiscal year 2025. And I believe that for the whole business, education business, the whole margin of the education business will be improved in the fiscal year 2024 because of the better utilization and the higher student retention.

Speaker 3

Thank you, sir.

Speaker 9

I think it's not just good, it's amazing trade off to have. But if I may follow-up here, like do you think that faster ramp up or faster breakeven is just a timing thing earlier recovery or earlier ramp up in utilization? And or do you think that even after the ramp up, the ultimate level of center level margin can be actually higher than the back in the days, the academic, I. E, like on a center level, do you think that 5 years down the road some of the non academic centers can make more than 20% margins better than the canine academic of the past or just the timing is all there?

Speaker 2

Both. Yes, as I said, it will take the shorter time to get the breakeven point. This is number 1. And number 2 is, throughout the throughout the I think the ultimate or the margin of the new learning centers, I think will be a little bit higher than a couple of years ago. So it's a good trade off for us to open more learning centers for non academic courses working for the overseas related business.

Speaker 9

For sure, sir. It's an amazing trend and congrats again. Thank

Speaker 2

you. Thank you.

Operator

Thank you, Diaz. We have now approached the end of the conference call. I'll now turn the call over to New Oriental's Executive President and CFO, Steven Yang, for his closing remarks.

Speaker 2

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

Thank you. That concludes today's conference call. Thank you for participating. You may now disconnect.

Powered by Quartr
Earnings Conference Call
New Oriental Education & Technology Group Q3 2024
00:00 / 00:00