BTC Digital Ltd. Q3 FY2021 Earnings Call

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Meten Holding Group Q3 and First Nine Months 2021 Earnings Summary

  • Revenue: Q3 2021 revenue dropped 36.9% YoY to RMB187.9 million (US$29.2M). For the first nine months, revenue decreased 10.4% YoY to RMB599.2 million (US$93M).
  • Gross Profit: Q3 gross profit declined 49.1% YoY to RMB64 million (US$9.9M). For the nine-month period, gross profit decreased 7.0% YoY to RMB201 million (US$31.2M).
  • Operating Costs: Decreased 27.9% in Q3 YoY to RMB123.8 million (US$19.2M) and fell 12.0% in the first nine months YoY to RMB398.2 million (US$61.8M).
  • Segment Performance:
    • General Adult ELT: Q3 revenue fell 64.3% YoY; Nine-month total down 17.7% YoY.
    • Junior ELT: Q3 revenue down 58.7% YoY to RMB24.8 million; Nine-month revenue decreased by 36.6% YoY.
    • Overseas Training Services: Q3 revenue dipped 6.0% YoY; Nine-month revenue surged 38.4% YoY.
    • Online ELT: Q3 revenue grew slightly by 0.3% YoY; Nine-monthly revenue fell 10.3% YoY due to high 2020 base.
    • New Language Services (Japanese, Spanish, Korean, German): Generated RMB8.84 million (US$1.372M) during the first nine months of 2021.

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Operator: Good morning, ladies and gentlemen and welcome to Meten HoldingS Group's Third Quarter and Nine Months of 2021 Earnings Conference Call. Joining us today are the company’s Chairman of the Board, Mr. Jason Zhao; the company’s Chief Executive Officer, Mr. Alan Peng; and the company’s Financial Vice President, Mr. . Alan will start today’s presentation with an overview for the third quarter and the nice months of 2021 performance. Then, will share more details about our financial performance. After the presentation, we will be happy to take any questions you may have during the Q&A session. Now, I would like to turn the call over to Alan Peng. Alan, please go ahead. Alan Peng: Thank you for joining Meten Holdings Group's third quarter and first nine months of 2021 earnings presentation today. I will begin my remarks by providing an overview of the company's business adjustments and optimization during the first nine months of 2021 followed by a summary of the company's third quarter and the first nine months of 2021 performance. In the third quarter of 2021 we have significantly reduced a number of our offline learning centers to effectively reduce the impact of the resurgence of the COVID-19 pandemic on our offline business operations. Improved resource utilization and prepare for the company's business transformation. As a result, the number of learning centers is reduced to one or two centers in each city. With the initiation of this business adjustment, the compan

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