新东方XXXX财年Q2电话会议全文(英文版)

新东方2011财年Q2电话会议全文（英文版）NewOrientalEducation&TechnologyGroup,Inc.ADR(EDU)Q22011EarningsCallJanuary18,20118:00amETOperatorGoodeveningandthankyouforjoiningNewOriental’ssecondfiscalquarter2011conferencecall.Atthistimeallparticipantsareinlistenonlymode.Aftermanagement’spreparedremarkstherewillbeaquestionandanswersession.Today’sconferenceisbeingrecorded.Ifyouhaveanyobjectionsyoumaydisconnectatthistime.Iwouldnowliketoturnthemeetingovertoyourhostfortoday’sconference,Ms.SisiZhao.Pleaseproceed.SisiZhaoHelloeveryoneandwelcometoNewOriental’ssecondfiscalquarter2011earningsconferencecall.Oursecondfiscalquarterearningsresultswerereleasedearliertodayandareavailableonthecompany’sWebsiteaswellasonNewswireServices.TodayyouwillhearfromLouisHsiehNewOriental'sPresidentandChiefFinancialOfficer.Afterhispreparedremarks,Louiswillbeavailabletoansweryourquestions.Beforewecontinuepleasenotethatthediscussiontodaywillcontainforward-lookingstatementsmadeundertheSafeHarborprovisionsoftheUSPrivateSecuritiesLitigationReformActof1995.Forward-lookingstatementsinvolveinherentrisksanduncertainties.Assuch,ourresultsmaybemateriallydifferentfromtheviewexpressedtoday.AnumberofpotentialrisksanduncertaintiesareoutlinedinourpublicfilingswiththeSEC.NewOrientaldoesnotundertakeanyobligationtoupdateanyforward-lookingstatementexceptasrequiredunderapplicablelaw.Asareminderthisconferenceisbeingrecorded.Inaddition,awebcastofthisconferencecallwillbeavailableonNewOriental'sinvestorrelationsWebsiteatinvestor.neworiental.org.IwouldnowturnthecallovertoNewOriental'sPresidentandCFOLouisHsieh.Louisplease.LouisHsiehThankyouSisi.Helloeveryoneandthankyouforjoiningustoday.IwillstartbytakingyouthroughthehighlightsforourfiscalQ22011andthenmovetothefinancialresultsbeforefinishingwithQ&A.Asyouknow,inQ12011ourbusinesswasaffectedbyaslowdowninenrollmentsduetodisruptioncausedbytheShanghaiWorldExpoandasweexpectedtherehasbeenastrongbouncebacksincetheeventfinished,whichhelpeddriveyearoveryearrevenuegrowthof56.3%to$95.7millionandanearningsincreaseof65.9%to$1.8millioninthesecondquarter.Q2istypicallyourslowestquarterasChineseschoolchildrengobacktoclassfortheirfirstsemesteroftheiracademicyear.Nevertheless,wesawverystrongyearoveryeargrowthinourkeybusinesssegmentsofKto12allsubjectafterschooltutoring,overseastestprepandEnglishlanguagetraining,whichgrewrevenuesby80%,75%and40%respectively.Enrollmentswerealsostrong,growingby32.2%toabout405,800duringthesecondfiscalquarterof2011,demonstratingtheenduringbrandstrengthofNewOrientalandthemarketappreciationforourconvenientintegrated,one-stopofferings.BlendedASPincreasedaswell,growingover25%toover$250perenrollment.NewOrientalistheonlytrulyone-stopeducationserviceproviderforKtocollegeinChinawiththemostcompletenationwidecoverageandawiderangeofsubjectsandclassformats,whichstudentscanbenefitfromthroughouttheirlives.Wedonotendeavortodirectstudentstooneparticularacademicsubjectorclassformat-classformatssuchasonetooneoronetosmallclasses,largeclassesoronline.Sinceweofferalloftheaforementionedclassformatsandweofferthelargestselectionofsubjects,thisisunlikemanyofourothertrainingcompaniesinChina,whichtypicallyfocusononeoftheclassformatsorononeacademicsubject.Instead,weworkwithindividualstudentstocustomizeanacademicprogramthatbestfitshisorherindividualneeds.Furthermore,webelieveourone-stopshopsolutionissuperiortoothermarketprovidersinthatitoffersstudentstheconvenienceandcontinuityofremainingwithinthesameacademicsystemforalloftheirsupplementallearningneeds.Ourone-stopshopmodelalsoallowsustobewellpositionedtoquicklytakeadvantageofshiftsinmarkettrends.Forexample,wearecurrentlyseeinggrowingmarketdemandformorepersonalizedtutoringandenrollmentinouronetooneandonetofiveVIPclasses.Forthefirsthalfoffiscalyear2011ourVIPbusinesshasrecordedyearoveryearenrollmentgrowthofmorethan114%to28,600studentsandyearoveryearrevenuegrowthofover240%to$55million.TheseVIPclassesaretheprimaryreasonfortheincreaseinblendedASPacrossthebusiness.Asyouknow,wehavebeeninvestingheavilyinthepast2-1/2yearsinourKto12allsubjectsVIPprogramsandinfiscalQ2wecontinuetoexpandournetworkandrecruitthebestnewteachersandsupportstaff.DuringthequarterweopenedonenewschoolinLuoyang,acityinHunanprovince,aswellasanetof24learningcentersin20existingcitieswithinournetwork.Thesenewlearningcentershavemainlybeenopenedinlargercitiesandarerelativelysmaller,about1/4to1/2thesizeofNewOriental’stypicallearningcenters,withbetweeneightand15classroomseach.Openingthesemorestreamlinedcentersallowsustofillinthegapsinournetworkbytargetingareaswherethereisgrowingdemandforourofferingsyettheseareasarenotlargeenoughtocosteffectivelysupportlargerlearningcenters.ToserviceourexpandingnetworkandtohelpdevelopourKto12allsubjectsafterschooltutoringandenhanceourone-stopshopproductofferings,wehavebeenhiringandtrainingnewteachersandcustomerservicerepresentatives.Intotal,overthelast12monthswehaveaddedanetof4700teachers,bringingthetotalnumberto10,800attheendofthesecondfiscalquarter2011.Atthesametime,wehiredapproximately950customerservicerepresentativesandma