Hailiang Education Group Inc. (HLG) Q4 2020 Results - Quick Version Earnings Call
Hailiang Education Group Inc. (NASDAQ:HLG) Q4 2020 Earnings Conference Call October 15, 2020 8:40 AM ET
Company Participants
Junwei Chen - Chairman, Chief Executive Officer
Ping Huang - Vice President
Jianguo Yu - Chief Financial Officer
Litao Qiu - Board Secretary
Conference Call Participants
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Operator
[00:00:04.14] Good day, ladies and gentlemen, thank you for standing by. Welcome to the Hailiang Education Group’s Fiscal Year 2020 Financial Results Conference Call. In today's presentation, all parties will be in a listen only mode. This conference has been recorded today, Thursday, October 15th, 2020. Joining us today from a Hailiang Education Group is the company's chairman and CEO, Mr. Gene, which and the company's vice president, Mr. Paynton. The company's chief financial officer, Mr. John Doe, you and the company's board secretary, Mr. Leithauser. I would like to remind our listeners who are on this call, managements prepared remarks contain forward looking statements which are subject to risks and uncertainties, and management may make additional forward looking statements in response to your questions. Therefore, therefore, the company claims the protection of the safe harbor for forward looking statements as contained in the Private Security and Litigation Reform Act of 1995. Hailiang Education is under no obligation to update or alter its forward looking statements, whether as a result of new information, future events or otherwise. At this time, I would like to turn the call over to Mr. Julie Chen, chairman and CEO of the Education Group Mr. Chen. Please go ahead.
Junwei Chen
[00:01:32.27] Thank you, operator, and everyone, for joining. Education is the fiscal year 2020 earnings conference call today. Before we start, I would like to introduce myself briefly. This is the first time I attended this call as chairman and CEO of Hailiang Education. I was appointed as chairman and CEO of Hailiang Education Group on June 21st, 2020. Prior to that, I was vice president of High Down Group and the president of Hailiang Education Management Group. I personally hold a degree in energy and resources engineering from Peking University, one of the top two universities in China. During my time at university, I also served as the thirty eight chairman of the University's Postgraduate Students Association. I appreciate your continuous support and attention Hailiang Education, and I welcome all of you to visit our education and meet in person in the future. Now move back to our business review. In the past the fiscal year, our performance has been strong and stable, demonstrating our continuous progress in executing and innovating our growth strategy and highlighting the resilience of our online business. Despite temporary disruptions and a short term impact on our business caused by the covid-19 pandemic for the fiscal year 2020. Our revenue was rimming be one billion four hundred eighty two point six million, slightly decreased by one point one percent a year from rimming be one billion four hundred ninety nine million.
[00:03:17.60] However, the decline was mainly due to non K-12 education services, which was impacted by covid-19 and our revenue from K-12 educational services was rimming. The one billion, three hundred and eight million increased from one to one billion two hundred seventeen million young year. Our net profit attributable to company's shareholders was going to be three hundred seventy point eight million, increased by twenty six point four percent year over year from removing the two hundred ninety three point four million. Our gross profit margin was thirty three point seven percent and the net profit margin was 25 percent increased from thirty one point five percent in a nineteen point six percent, respectively. In addition, we are pleased to have the celebration of our 25th anniversary in 2020. We have received awards such as the best China concept, the stock in education sector. Twenty twenty five years is a leading financial media agency in China. Top ten influential brands of Chinese Education Enterprises Awards by 2020. China brand of Walsham It.
[00:04:32.54] As of June 30, 2020, the scale of the company's school network has expanded to 37 schools. The aggregate number of enrolments in both our affiliated and the managers of schools was sixty six thousand three hundred forty four students, which included a twenty three thousand seven hundred sixteen students enrolled in our affiliated schools.
[00:04:58.16] The number of students enrolled in basic education programs of our affiliate at its schools was eighteen thousand eight hundred sixty seven, and the number of students enrolled in international programs of our affiliated schools was four thousand eight hundred and fifty nine as of the date of our annual report on 25 October 14, 2020. There were four new affiliated schools that started operation or was acquired in September of 2020. They will go hand out experimental schools, woohoo hideout experimental schools high now overseas Chinese schools and the Chinese Foreign Language School for the fall semester of fiscal year 2021. As of September 20, 2020, the aggregated number of students enrolled in our affiliated schools increased to twenty six thousand eight hundred sixty five, which included two thousand five hundred forty two students enrolled in a whole New Delhi schools that started operation or was acquired in September 2014. The number of students enrolled in the basic educational programs of our affiliated school was twenty thousand eight hundred sixty four, and the number of students enrolled in the international programs of our affiliate schools was six thousand and one. Special number of students enrolled in our affiliated schools represented a 13 percent increase, demonstrating a strong prospect of our performance in fiscal year 2021. As of the date of our annual report on 25 October 14 in 2020, we have facilitated the development and application of smart campus and smart classrooms by establishing an experienced team composed of education professors and education professionals and I.T.
[00:06:54.11] developers, and incorporating with top tier Chinese universities and leading enterprises within Federation of Iot cloud and big data technology and innovation of education and management. The experiences we have launched a variety of applications and I.T. structures such as a class, our classroom staff, teacher training and online registration system to improve the efficiency of our standardized, the management and quality of teaching and learning. When all of a Kolby 19 first appeared with careful and practice arrangements and deployments with regard to the safety and health of our all of our students and employees as top priority and made appropriate short term adjustments to our business operations when needed to reduce the negative impact of covid-19 on planned teaching progress of the spring semester, we launched a High-Level VIP class, The Virtual Classroom, in February 2020 to ensure that our students could continue their courses as planned before the outbreak of Kolby 19 online life classes benefiting from our abundant educational services, outstanding facility capabilities and the technical advantages, IP infrastructure, our online education services and smart campus platform have thrived during the outbreak of covid-19. Despite this pandemic, what you wrote, students still hit the record student enrolment of seventy two thousand eight hundred thirty nine for the fall semester of twenty twenty, or the fourth semester as of September 20, 2014, approximately nine point five percent, compared to sixty six thousand five hundred forty three students for the same period of last year.
[00:08:53.36] The increase in enrolments has effectively confirmed that the impact of covid-19 on the company is very limited. As of the date of our annual report on Friday, filed October 14, 2020, we have 13 affiliated schools and provide education and management services for 29 private and public schools. The company will continue to diversify business model, increase the proportion of engineering education services, invest in the application and the development of education technology, and improve the ability of teachers and a management team to improve our education quality. Maximize academic performance is optimize management efficiency, support our school network expansion, and diversify our education services offerings. In the future, we are expected to further explore international expansion strategies and build or invest or hire private schools in one belt and one road countries and the developed countries with strategic synergies. Thank you again for all your support and attention. Next, I will turn this call over to Mr. Ganguli, our CFO, who will summarize our fiscal year 2014 financial results on behalf of the management team. Please go ahead.
Jianguo Yu
[00:10:23.02] Thank you, Mr. Chairman. And good morning, everyone. Now, on behalf of management team, I would like to summarize some of the key financial results for the fiscal year. Twenty twenty. For the fiscal year 2020, our revenue was one point forty two billion Ourimbah, or two hundred nine point eight million US dollars slightly decreased by one point one percent from one point four nine nine billion RMV. Our gross profit was 499 point four million RMV or seventy point seven million US dollars, an increase of five point eight percent from four hundred seventy two point one million R&D. Our net profit was three hundred sixty six million RMV or fifty one point nine million U.S. dollars increased by sixteen point one percent. From three hundred fifteen point eight million RMV, our gross profit margin was thirty three point seven percent and the net profit margin was twenty four point seven percent increase from thirty one point five percent and twenty one point one percent, respectively. Compared to the same period last year, our net profit attributed to the company's shareholder was three hundred seventy point eight million R&D, or fifty two point five million US dollars, increased by twenty six point four percent from two hundred ninety three point four million. R&D basic undiluted earnings per share was point nine R&D four point one three US dollars. Compared to point some one R&D for the same period of last year.
[00:12:14.20] Our revenue newly derived from K through 12, educational service, educational training service, study trips, service education and management service revenue from K through 12 basic educational program with eight hundred fifty nine point two million R&D or one hundred twenty one point six million US dollars, an increase of six point six percent from eight hundred and five point seven million R&D were secured last year. Revenue from K through 12 International Program. Was four hundred forty nine million R&D or sixty three point six million US dollars, an increase of nine point two percent from Formula eleven point three million R&D for the same period of last year. Revenue from Educational Training Service was fifty three point seven million R&D or seven point six million US dollars, a decrease of sixty two point six percent from one hundred forty four point two million R&D for the same period of last year, mainly due to the liquidation of JAMSHEED High Education Management Corporation Limited. Revenue from a steady drip service was fifty six point four million R&D or eight billion U.S. dollars, a decrease of thirty point eight percent from eighty one point five million for the same period last year. I mean, we due to the restriction on traveling because of covid-19 outbreak, which affect the study trip in the second half of fiscal year. Twenty, twenty.
[00:13:53.39] Revenue from education and medical service was forty eight point three million R&D or six point eight million US dollars, an increase of eighteen point one percent from forty point nine million R&D for the same period of last year.
[00:14:09.96] Other revenue mainly represented revenue derived from overseas study consultations, consulting services, hotel management services, other revenue was 16 million R&D worth two point three million U.S. dollars, an increase of three point nine percent from.
[00:14:28.13] Fifteen point four million views from the same period last year, the cost of revenue was one hundred eighty three million R&D or one thirty nine point two million US dollars, a decrease of four point three percent of a one. Billion. One point two, six billion R&D for the same period last year.
[00:14:50.93] The decrease was primarily due to the steep decrease in the transportation costs related to educational service and study services, result of culprit of culpability and a slight decrease in labor costs of our teachers and the teaching staffs.
[00:15:08.67] That expense was twenty nine point forty six point nine million, R&D worth three point eight million U.S. dollars, increase of seven point six percent from twenty five million for the same period of last year. The increase was mainly attributed to increased student enrolment, reward the recruitment administrative expenses for seventy seven point five million R&D, what, 11 million US dollars? An increase of six point seven percent from seventy two point seven million R&D for the same period last year. The income was seventy two point eight million, R&D for ten point three million US dollars, I think was one hundred eighty nine point nine percent from twenty five million twenty five point one million R&D for the same period of last year, primarily due to increase in government subsidy we receive from the local government. Finance income was twenty five point one million R&D or three point six million US dollars. A slight increase of zero point three percent from twenty four point nine million for the same period of last year. The finance cost was four point four million R&D, four point six million dollars, which represented interest on release liability upon the adoption of IFRS 16. Income tax expense was one hundred twenty one point nine billion. U.S. dollars R&D, or seventeen point three million U.S. dollars, compared with one hundred eight point seven million R&D for the same period last year.
[00:17:00.31] Which was driven by the growth of tax profit, our effective tax rate in fiscal year 2020 was 25 percent, compared with twenty five point six percent in fiscal year 2013. Now for a quick summary of our balance sheet and cash flow as of June 30th of 2020, we have cash and cash equivalents of five hundred and three million US prime piece, or seventy one point two million US dollars, compared with a two hundred sixty point seven million R&D as of June 30th of twenty nineteen. Net cash provided by operating activities was four hundred thirty one million R&D for sixty one million US dollars, compared with six hundred ninety point three million R&D for the same period of last year. The net cash used to invest in activities was one twenty seven point eight million R&D, or sixteen point one million US dollars, compared with one point two three four billion R&D for the same period of last year. The net cash used in financing activities was sixty one point one million point four million R&D, or eight point seven million US dollars, compared with seven point sixty eight million R&D for the same period last year. Now I will turn to. The discussion over to approve for any questions.
Question-and-Answer Session
Operator
[00:18:35.95] Thank you to ask a question, you may press star, then one on your telephone keypad, if you're using the speakerphone, we ask that you please pick up your handset before pressing the keys to withdraw your question, please, for stars and to. Today's first question comes from answering a private investor, please go ahead. Hello, Ernestine's, your line is open.
Unidentified Analyst
[00:19:10.10] So sorry, I can hear me right now.
Junwei Chen
[00:19:18.30] Hello. Yes, yes, yes, we can hear you. OK, thank you.
Unidentified Analyst
[00:19:25.71] Thank you. Good morning and congratulations on another outstanding year. Actually, my question is, I noticed that I had an indication recently relating to strategic projects, which is which are project of invigorating education with the talents and the project of revitalizing education through technology. So my question is, what are the specific implementation measures? And this is important for the future Department of Education. Thank you.
Junwei Chen
[00:20:03.99] Thank you for your question, this is Dr. Chen and I'm going to take this question. I am very glad that you noticed this and happy to share my thoughts of these two strategic projects in these I will call strategy in a future that might lead to a brighter future. As our founder always said, talent development determines the future of an enterprise. And one of our core mission is to bring talented people to educate our students. Within the next five years, we expect to have 120 teachers with professor equivalent titles or exceptional teachers titles or go the whole of competition training coaches. We expect to have 250 teachers graduated from the top two universities in China, i.e. Peking University and a single university, and by then most of our teachers will hold a master's degree or above. We are committed to attracting more high level alumni to join the higher education, which is in fact a reform on the supply of talent, creating a full lifecycle talent training plan to our alumni. The Full Lifecycle Talent, a training plan which starts from the junior year at high school. Then we will provide our students career plan evaluation to guide their future career decisions during college, a stage where we will continue to monitor our graduates development and enhance their comprehensive and professional capability through study trips. Internships for those who join higher education after graduation, we will provide on the job mentoring and training to shorten the time to adapt to their new position and higher education.
[00:22:00.84] In order to facilitate this strategy in the next three years, Hida Education will cooperate with 10 to 20 top tier universities in China, including normal universities and universities with strong education majors, and expect with 30 to 50 foreign universities to achieve that. Secondly, education will continue to take advantage of science and technology to lead to the reform of China's basic education, form our own whole competitiveness, and undertake the important task of education plus technology with the mission of making school operations easy for everyone. As the master design, our own school operations management expert of higher education, our high level education and research institutes will leverage our strong research team, sophisticated the professional capabilities and accumulated education experiences, and high end the strategic partners to offer our students with happier learning experiences, healthier bodies, more knowledgeable minds, and a more ideal university destination. Education combined 25 years of education management, experience with technology and a cooperates with partners like a team, the University Peking University in Addis Ababa Dharma Academy, to form a powerful pool of the resources curriculum, big data experiences and technologies with the full cooperation and full support of all departments and schools of higher education. We will strive to complete the research and development of China Education Know-How of school operations to reduce the headcount of a standard school by one third, to standardize our school operations for future exports of management. And as we improve our brand and education quality and to fully supported the future development of our education. I hope the above points can address your questions.
Unidentified Analyst
[00:24:07.51] Thank you very much.
Operator
[00:24:15.79] Our next question comes from David John, a private investor. Please go ahead.
Unidentified Analyst
[00:24:28.53] Hello and thank you, operator, and good day in the terrible situation of educational progress, is that a good. I would like to know how our education took the recommendations and expectations for the educational business. Thank you.
Litao Qiu
[00:24:53.91] Thank you. This is a little show on the secretary. Let me answer your question, actually. Karen Hilum, the new company, which is our educational training company, currently provides a training platform system to support thousands of our students directly. Unlike the studies currently, we also have three learning centre located in 2010 and Honjo, which we see in the selection process, and we plan for four years 2020. We actually already have around 22000 student attendance from a long term perspective. We're trying to open new learning centres in more cities where our kids will travel to school or relocate. As a result, I wish we could avoid significant selling expenses and also has a better profit margin compared with other players in the same education or training sectors. Beginning from the year 2021, we plan to open 10 Learning Center each fiscal year based on our internal financial model. Many species will undoubtedly be one of many key revenue growth drivers in the next few years. Thank you.
Operator
[00:26:34.63] Our next question today comes from regulation of cancer investments. Please go ahead.
Unidentified Analyst
[00:26:42.86] Thank you, operator. Good evening, management. This is Maggie from Cancer Investment. We would like to know what is the impact of covid-19 on a company's financial performance for this fiscal year. Thank you.
Jianguo Yu
[00:26:57.15] Hi. Hi, Jianguo Yu, I am the CFO. I will answer this question. Thank you very much. The outbreak of covid-19 has an our business lines, especially our people called educational service and the study services. For our people educational services, we launch online education and tutoring platform, which are enabled our teachers and our educational staffs to provide our regional curriculums to their students online where our schools was not allowed to operate in-person teaching classes. As a result, the only refund of accommodation and transportation services was accrued for twenty nine point five million R&D, which has been a limited impact on our revenue from K-12 educational services. Besides the revenue from K through 12 education services for high school level of thirty two point three million, RMV was deferred to the next fiscal year due to the delay of school year and middle, and the price of primary school was not significantly impacted. Or study trip services, the revenue was decreased by thirty point eight percent or twenty five point one million this year to year due to the current regulation and the travel restrictions imposed by the Chinese government and the authority, revenue from onsite education training services declined to a certain extent due to the suspension of a physical class during the period. Despite of the pandemic, our gross profit increased by 5.5 percent or to four hundred ninety nine point four million R&D, the net profit attributed to our shareholders, increased by twenty six point four percent to three hundred seventy point eight million R&D in the fiscal year. Twenty twenty. I hope that answer your question and thank you very much for you. Operator?
Operator
[00:29:18.25] Thank you. Our next question comes from Eric Lee, a private investor. Go ahead.
Unidentified Analyst
[00:29:26.96] Thank you, operator. Hi, my name is Eric, who is a private investor, so we know that the company has a certain number of related party transactions. How does a company ensure the fairness of the related party transactions? Thank you.
Jianguo Yu
[00:29:44.39] Hi, I am Tom Sue, the CFO. Let me answer this question for you. Thank you very much. To improve the transparency and fairness of related party transactions, we are taking the following steps to address your concerns. We will make a price of a related party transactions according to the market price of similar products or services and conduct internal evaluation of the pricing.
[00:30:15.70] Regularly, we will involve a third party to make assessment on the pricing or the fairness, the management will issue formal management opinions on related party transactions and all related party transactions are viewed approved by our audit committee and board of directors in advance. We disclose the detail, all our related party transactions in our financial statements annually to our investors. And thank you very much for the questions and we're looking forward to meet you again. Operator.
Operator
[00:30:59.35] Our next question comes from Obi Wan with Universe Securities. Please go ahead.
Unidentified Analyst
[00:31:06.69] Thank you, operator. Hi, everyone, from Universal Studios and I have several questions. So my first question is, are there any film points or SUMUS made for revitalizing NPG and underdeveloped regions, or are there any plans or strategic acquisitions to expand our school network across First-Tier and the capital cities? Thank you.
Junwei Chen
[00:31:33.28] Thank you. This is Dr. Chen and I will take this question of, yes, the education and revitalization of underdeveloped regions will be one of the three key actions to be launched in the coming fiscal year while the education resources in underdeveloped regions are well below the average of China. Today, education has a very good position to export. Our experience is education and the management system and education technology to these regions by liaising with whom we could establish K-12 schools in underdeveloped regions without spending heavy capital expenditures. And form a career platform to attract graduates from top universities to work in these underdeveloped regions.
[00:32:28.95] And as a result, we could improve education, quality of local schools and a few of the implication of our education, technology and the early education services with a student and teacher platform composed of a vast population of students in public and private schools, of underdeveloped regions, and at the same time, our business model can be expanded and replicated to these regions successfully. After the same time, expansion in first, first tier or large cities in China is also one of our key options in the next few years, as what we did before will continue to evaluate and explore opportunities in the development of large cities in China and to potentially apply to establish or operate and manage additional schools in these cases in these regions to expand our school networks in China. I hope I can answer your questions.
Unidentified Analyst
[00:33:42.74] Yes, thank you. That's good to know. So my second question is, I know you have already moved to on classes. So what processes are in place? Where are you looking to implement and maintain the standards of teaching? Thank you.
Litao Qiu
[00:34:04.81] Ok, first of all, this is Litao Qiu, Board Secretary. Let me answer your question. First of all, student and teacher activity, salary to actually return back to normal. But during the outbreak of covid-19. Q We launched a high number VIP class virtual classroom in February 2010 to ensure that our students who continue their courses as planned before the outbreak of covid-19 Voda on my life site possess, all teachers were trained to master online education platform and then send the training course where methods were implemented across our affiliates and mentor schools. I hope this can answer your question. Thank you.
Unidentified Analyst
[00:34:59.77] Yeah. Yeah, thank you. So can you give us some updates on force or other after school activities you have when we were Inderjit on classes and thank you.
Litao Qiu
[00:35:12.86] Ok, I just mention all our student and teacher TV already back returned to normal, but during the outbreak of covid-19 heavy periods, we actually see a level of physical activity for the online interacting system. And according to the feedback from the students, they are quite happy with these arrangements. Yes, thank you.
Unidentified Analyst
[00:35:43.44] Yeah, thanks a lot. So I thank you all. My next question is we ask about our Singapore expansion. So do you view the international expansion and the major growth segments for our company to move forward in itself? Is East Asia the focus for international growth? Thank you.
Junwei Chen
[00:36:05.76] This is Dr. Chan and I will take this question. Yes, international expansion is also one of our three strategic actions in the next five years regarding our international expansion strategies. We will extend also China in two different aspects, the last four aspects. We will continue to look at opportunities in some of the countries which are the destination countries of our international programs, including UK, Singapore, Australia and a potentially US with. By expanding into these countries, we will acquire some boutique K-12 schools there to achieve some synergy with our existing business in China. We can send our existing students to have study trips in these overseas schools. And send some of our students to study in these schools, in high school grades and also on the other side, these schools can provide improvement to our existing international curriculum and also help training international students, teachers in our existing network. That's one aspect. And for the other aspects, we will continue to explore opportunities in the road and belt initiative countries. Currently, we have observed that there are great demands of studying in China or studying in China, studying curriculums with some China elements in this road and about initiatives countries. Right now we have a international graduate students college in our Fuji campus, and at least most of these students are from families in these road and belts initiative countries. So we believe that by establishing schools in these countries.
[00:38:32.89] Haidong can quickly export our education, philosophy and principles in these countries and generates substantial interest from these from citizens in these countries. Yes, that's a brief summary of what international expansion strategies?
Unidentified Analyst
[00:38:59.34] Yes, thank you very much for a detailed explanation. So my last question is about our educational services. So what can you attribute to the high rate of growth for the sector before the shutdown off, like Jancsi headwaiter kitchen management to expand this growth to continue in the future? And thank you very much.
Junwei Chen
[00:39:20.41] Ok, yeah, I will also take this question, yes, yes, vocational training, so this segment will continue to be a main course driver for our business in the next few years. In the past few months, we have successfully established three learning centres in Tuti and Honjo, where our K-12 schools have already located. And in the upcoming fiscal year, we will continue to replicate to these business models in regions that are adjacent to our existing schools. By taking these strategy and achieve synergy with our existing schools, including cost sharing, students recruitment, etc., we believe that our new established learning centres can generate a relatively high growth and net margin to our entire group. So with the contribution of these new offline and online training centres, these segments of business will continue to generate a substantial contribution to our overall financial performance is, well, very positive to the development of the sector in upcoming fiscal year.
Unidentified Analyst
[00:40:49.42] Yes, thank you. That's all my questions. Thank you very much.
Operator
[00:40:54.29] Thank you, see, no further questions, let me turn the call over to Mr. Litao Qiu, our Board Secretary, to our board director for closing remarks.
Junwei Chen
[00:41:03.76] Ok, thank you.
Litao Qiu
[00:41:05.98] Thank you all for coming. On behalf of entitlement management team of recital, thank you, everyone, again for joining us today for our conference call. Additionally, I'd like to remind you that certain statements by management during these meetings be considered forward looking statements which are under the safe harbor provisions of the U.S. Private Security Litigation Reform Act of 1995, or statements are written statements of historical facts in this announcement, opening statements including but not limited to the following.
[00:41:46.13] General economic conditions in China, competition in the education industry in China, it's the growth of the Chinese private education market. Chinese government policies relating to private education, no services and providers of such services, health epidemics and outbreaks in China. The company's business says the company's business development is operations and financial condition. Expect the changes in the company's revenue and shipping costs or expense items, its ability to raise additional funding, its ability to maintain and grow its business, their ability operating results, its ability to maintain and express its development and introduction of new products and services. The number children and trust by the schools. The successful integration of both companies and colleges into each portfolio of software and services. Marketing, business development initiatives, beheaders on key personnel, the ability to attract and retain personnel who possess the technical skills and experience necessary to meet the requirements of this kind and its ability to protect its intellectual property. That all come off, of course, or any further indication of a situation, including those relating to copyright and other intellectual property rights and detail in the company's policy was that U.S. Securities and Exchange Commission higher education may also written or oral Forward-Looking standards in to reports to the FTC in its annual report to shareholders in press release and other written materials, and in oral statements made by officers, directors or employees who first published statements that are not historical facts, including statements about high education, beliefs and expectations.
[00:44:26.06] Look forward looking statements. Forward looking statements involve inherent risks and uncertainties, whether nonpoor and based on current expectations and projections about the present and financial trends that company may face financial conditions result of operations, business strategy and financial needs. Investors can't identify those forward looking statements by lots of resources such as Lay's will make, will be expected and anticipate and estimate and plan believes potential Cocula. And therefore to this lady's will or other similar expressions to date. Information regarding those or other risks is included in our annual report on from Tidiest and other filings with all information provided in this press release as of the date of this press release. And the higher education undertakes no obligation to update any forward looking statements except as may be required under applicable law. If you have any questions, please contact us through email at higher education dot com or reach us consult as an investor relations s hemothorax at an alcohol management. Please respond to your questions as soon as possible. We appreciate your intent, interest and support in higher education and look forward to speaking with you again next time. Operator, please go ahead and thank you again for coming in.
Operator
[00:46:32.78] Higher Education Groups Fiscal Year 2014 Earnings Conference Call. This concludes our call today. We thank you all for listening. Goodbye.
Junwei Chen
[00:46:43.79] Goodbye. Thank you.
