China Distance Education Holdings Limited (NYSE:DL) Q3 2020 Earnings Conference Call - Final Transcript
Aug 27, 2020 • 08:00 am ET
Good evening, and thank you for joining us for the China Distance Education Holdings Limited Third Quarter Fiscal Year 2020 Earnings Conference Call. On today's call, we will have Mr. Zhengdong Zhu, Chairman and CEO; and Mr. Mark Marostica, Co-CFO. [Operator Instructions] Following management's prepared remarks, we'll open the call for questions.
Before we start, we remind listeners that this conference call contains forward-looking statements. These statements are made under the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. The outlook for the fourth quarter and full fiscal year 2020, oral statements from management on this call, as well as the company's strategic and operational plans, in particular, the impact of COVID-19 on our business, the solutions we adopt to address COVID-19, balancing growth and profitability, the growth prospects of online professional education in China, as well as the anticipated benefits of our strategic growth initiatives, including the promotion of the company's lifelong learning ecosystem, among other things, may contain forward-looking statements.
In addition, with respect to the going private proposal, there can be no assurance that the buyer group will make any definitive offer to the company, that any definitive agreement relating to the proposal will be entered into between the company and the buyer group or that a transaction based on the proposal or any other similar transaction will be approved or consummated.
Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement. Further information regarding this and other risks is included in the company's Annual Report on Form 20-F and in other documents of the company as filed with the Securities and Exchange Commission. The company does not undertake any obligation to update any forward-looking statements except as required under applicable law. [Operator Instructions]
In addition, the presentation we will be referring to during the course of the call can be downloaded from the company's Investor Relations website. Further, a live and archived webcast of this conference call will also be available on the company's IR website at ir.cdeledu.com.
I will now turn the call over to Mr. Zhu. Mr. Zhu, please go ahead.
Thank you, everyone for joining our third quarter fiscal year 2020 earnings conference call. Our operating results were distributed earlier via Internet Newswire services and are also posted on our website, where a slide presentation is available as well.
If you will now refer to the presentation, I will begin on slide four with an overview of our financial results.
In the third quarter of fiscal 2020, we recorded revenue of $50.7 million -- excuse me, $50.7 million, representing a decrease of 17.9% compared with the prior year period, in line with our guidance range. The year-over-year decline in third quarter revenue was largely attributable to the decrease in cash receipts for our courses, due to our socially responsive actions in the wake of the COVID-19 outbreak, together