RYB Education, Inc. (NYSE:RYB) Q2 2020 Earnings Conference Call - Final Transcript
Aug 28, 2020 • 08:00 am ET
Hello, ladies and gentlemen, thank you for standing by for RYB Education, Inc. Second Quarter 2020 Earnings Conference Call.
I will now turn the call over to your host, Serena, Investor Relations Manager for the Company. Please go ahead, Serena.
Thank you very much. Hello to everybody on today's call. Today on the call are Ms. Yanlai Shi, our Co-Founder, Director and Chief Executive Officer; and Mr. Hao Gu, our Chief Financial Officer.
Our earnings press release was issued earlier today through Newswire services and is also posted on our Investor Relations website ir.rybbaby.com. On our website, you will also find a webcast replay of today's call.
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 1995. Forward-looking statements involve inherent risks and uncertainties, as such the Company's actual 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 annual report on Form 20-F for the fiscal year ended December 31st, 2019, and other filings as filed with the U.S. Securities and Exchange Commission. The Company does not assume any obligation to update any forward-looking statements, except as required under applicable law.
During this call today, management will also discuss certain unaudited non-GAAP financial measures for informational purposes only. The Company's second quarter 2020 earnings press release contains a reconciliation of the unaudited non-GAAP measures to the unaudited most directly comparable GAAP measures.
Now, I will turn the call to Ms. Shi for her to take us through a review of the second quarter and provide update on the business.
Thank you to all of you who have joined us today. I'll begin by reviewing our business and operating results for the second quarter of 2020. Then our Chief Financial Officer, Chris, will follow with a more detailed review of the financials.
During the second quarter, in a phase of prolonged facility closure due to impact of COVID-19 pandemic, we've taken various actions to mitigate impacts, including measures to ensure the health and safety of the students and families and optimize personnel and control discretionary spending. Moreover, we continued efforts in our digital transformation, maintained ongoing communication with parents and students and further actions to build out and strengthen our comprehensive early childhood education solutions.
In terms of our digital strategy in the second quarter, we continued to enhance our online service capabilities to ensure that students would have undisrupted remote access to high-quality at-home learning resources and to a good collection of early childhood education content. Following the initial launch in the first quarter of our paid course platform for kindergarteners, during the second quarter the team further added content offerings available on the platform.
We simultaneously carried out a pilot promotion of this platform for enrolled students at some directly operated kindergartens and their parents provided positive feedback. With the help