Four Seasons Education (Cayman) Inc. (NYSE:FEDU) Q4 2019 Earnings Conference Call Transcript

May 06, 2019 • 08:00 am ET


Four Seasons Education (Cayman) Inc. (NYSE:FEDU) Q4 2019 Earnings Conference Call Transcript


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Hello, ladies and gentlemen, thank you for standing by for the Four Seasons Education's Fourth Quarter and Fiscal year 2019 Earnings Conference Call. At this time, all participants are in a listen-only mode. After management's prepared remarks, there will be a question-and-answer session. Today's conference call is being recorded.

I would now like to turn the call over to your host, Ms. Olivia Li, Investor Relations Manager for the Company. Please go ahead, Ms. Li.

Ms. Li, please go ahead.

Olivia Li

Hello everyone and welcome to the fourth quarter and fiscal year 2019 earnings conference call of Four Seasons Education. The Company's results were issued via Newswire Services earlier today and are posted online. You can download the earnings press release and sign up for the Company's e-mail distribution list by visiting the IR section of our website at

Mr. Peiqing Tian, our Chairman and the Chief Executive Officer, will start the call by providing an overview of the Company, and the performance highlights of the quarter with English interpretation. Mr. Joanne Zuo, our Director and the Chief Financial Officer, will then provide details on the Company's financial results and the business outlook before opening the call for your questions.

Before we continue, please note that today's discussion will contain forward-looking statements made under the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties, as such the Company's results may be materially different from the views expressed today. Further information regarding these and other risks and uncertainties is included in the Company's prospectus as filed with the US Securities and Exchange Commission. The Company does not assume any obligation to update any forward-looking statements, except as required under applicable law.

Please also note the Four Seasons Education's earnings press release and this conference call include discussions of unaudited GAAP financial information as well as unaudited non-GAAP financial measures. Four Seasons Education's press release contains reconciliations of the unaudited non-GAAP measures to the unaudited most directly comparable GAAP measures.

I will now turn the call over to our CEO, Mr. Tian. Please go ahead.

Peiqing Tian

(Foreign language)

Thank you Olivia and hello everyone. Thank you for joining us for our fourth quarter and fiscal year 2019 earnings conference call.

(Foreign language)

The fiscal fourth quarter is a traditionally low season for our business. Nevertheless, we continued our strategy of extending diversified course offerings to the entire K-12 age groups. During the fourth quarter, we maintained our ongoing diversification efforts and recorded an increased proportion of revenue contribution from non-math courses and middle school programs. It demonstrates that our growing strength in teaching capabilities for key subjects beside math, has also gained greater reputation among students and parents. Additionally, with our learning centers ramped-up, the revenue mix derived from outside of Shanghai is also increasing.

(Foreign Language)

Inspired by the enormous positive reception of our courseware from students and parents alike, we diligently selected a certain of our proprietary courses and educational content