51Talk Online Education Group (COE) 2025 Q1 法說會逐字稿

Hello, ladies and gentlemen. Thank you for standing by for 51Talk Online Education Group's first quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. Today's conference call is being recorded.

女士們、先生們，大家好。感謝您參加51Talk線上教育集團2025年第一季財報電話會議。此時，所有參與者都處於只聽模式。今天的電話會議正在錄音。

I will now turn the call over to your host, Mr. David Chung, Investor Relations for the company. Please go ahead, David.

現在我將電話轉給主持人、公司投資人關係部 David Chung 先生。請繼續，大衛。

Thank you. Hello, everyone, and welcome to the first quarter 2025 earnings conference call of 51Talk. The company's results were issued by Newswire Services earlier today and are posted online. You can download the earnings press release and sign up for the company's distribution list by visiting ir.51talk.com.

謝謝。大家好，歡迎參加51Talk2025年第一季財報電話會議。該公司的業績於今天早些時候由新聞專線發布並在網上公佈。您可以透過造訪 ir.51talk.com 下載收益新聞稿並註冊公司的分發清單。

Mr. Jack Huang, our CEO, and Ms. Cindy Tang, our CFO, will begin with some prepared remarks. Following the prepared remarks, there will be a Q&A session.

我們的執行長黃傑克先生和財務長辛迪唐女士將首先發表一些準備好的演講。準備好的發言之後，將有一個問答環節。

Before we continue, please note that the 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 this and other risks and uncertainties is included in the company's Form 20-F and other public filings 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 the applicable law.

在我們繼續之前，請注意，討論將包含根據 1995 年美國私人證券訴訟改革法案的安全港條款做出的前瞻性陳述。前瞻性陳述涉及固有風險和不確定性。因此，該公司的業績可能與今天表達的觀點有重大差異。有關此風險和其他風險及不確定性的更多資訊包含在公司向美國證券交易委員會提交的 20-F 表格和其他公開文件中。除適用法律要求外，本公司不承擔更新任何前瞻性聲明的義務。

Please also note that earnings press release and this conference call include discussion of unaudited GAAP financial information, as well as an audited non-GAAP financial measures. 51Talk's press release contains a reconciliation of the unaudited non-GAAP measures to the unaudited most directly comparable GAAP measures.

另請注意，收益新聞稿和本次電話會議包括未經審計的 GAAP 財務資訊以及經審計的非 GAAP 財務指標的討論。51Talk 的新聞稿包含未經審計的非 GAAP 指標與未經審計的最直接可比較 GAAP 指標的對帳。

I will now turn the call over to our CEO, Jack Haung. Jack, please go ahead.

現在我將電話轉給我們的執行長 Jack Haung。傑克，請繼續。

Okay. Thank you, David. Hello, everyone. Thank you for joining our conference call. Our first quarter-growth billings increased by 74.6% compared to the same period last year, highlighting the progress we've made and the robustness of our business model. We remain confident in the sustainable growth trajectory of our operations.

好的。謝謝你，大衛。大家好。感謝您參加我們的電話會議。我們第一季的成長營業額與去年同期相比成長了 74.6%，突顯了我們所取得的進步和業務模式的穩健性。我們對我們的營運的可持續成長軌跡仍然充滿信心。

Looking ahead, we are encouraged by the positive momentum in the second quarter. Breakthroughs in our existing markets are driving results, and we are seeing promising early returns from our strategic investments in new regions. We are establishing leadership positions in many of our core markets and are confident that our model is well equipped to outperform incumbents in mature markets that sees first mover advantage in emerging ones.

展望未來，第二季的正面動能令我們感到鼓舞。我們在現有市場的突破正在推動績效成長，我們在新地區的策略投資也獲得了可觀的早期回報。我們正在許多核心市場中確立領導地位，並相信我們的模式完全有能力超越成熟市場中的現有企業，這些企業在新興市場中擁有先發優勢。

Education continues to be a personally intensive sector, and we are proactively addressing the complexities of managing a growing multi-market. To support this expansion, we have taken deliberate steps to optimize our organizational structure, accelerate AI training and adoption company-wide and a deeper -- and a deepened user engagement to foster stronger connections with our community. We are excited about the future of our company and remain steadfast in our commitment to delivering long-term value to our shareholders, students, and partners.

教育仍然是一個個人密集的行業，我們正在積極應對管理不斷增長的多市場所帶來的複雜性。為了支持這項擴張，我們採取了深思熟慮的措施來優化我們的組織結構，加速全公司範圍內的人工智慧培訓和採用，並加深用戶參與度，以與我們的社群建立更緊密的聯繫。我們對公司的未來充滿期待，並堅定不移地致力於為股東、學生和合作夥伴提供長期價值。

With that, I will now turn the call over to Cindy Tang, our CFO.

現在，我將把電話轉給我們的財務長 Cindy Tang。

Thank you, Jack. Now let me walk you through our first-quarter financial details. First-quarter net revenues were USD18.2 million, a 93.1% increase from the same quarter last year, largely driven by the increase of active students with attended Latin consumption.

謝謝你，傑克。現在讓我向您介紹我們第一季的財務細節。第一季淨收入為 1,820 萬美元，比去年同期增長 93.1%，這主要得益於參加拉丁語課程的活躍學生人數的增加。

Gross margin for the first quarter was 77%. Gross billings grew by 74.6% from the same quarter last year to USD21.9 million. Q1 operating expenses were USD15.3 million, an increase of 35.6% compared to the same quarter last year. Specifically, this has been driven by Q1 sales and marketing expenses of USD11.1 million, a 42.7% increase from the same quarter last year due to higher sales personnel costs related to increases in the number of sales and marketing personnel and higher expenses incurred for our marketing activities.

第一季毛利率為77%。總營業收入較去年同期成長 74.6%，達到 2,190 萬美元。第一季營業費用為1,530萬美元，較去年同期成長35.6%。具體而言，這是由於第一季銷售和行銷費用為 1,110 萬美元，比去年同期增加 42.7%，原因是銷售和行銷人員數量增加導致銷售人員成本增加，以及行銷活動產生的費用增加。

Q1 product development expenses were USD1 million, a 9.8% increase from the same quarter last year. Finally, Q1 general and administrative expenses were USD3.2 million, a 23.8% increase from the same quarter last year.

Q1產品開發費用為100萬美元，較去年同期成長9.8%。最後，第一季一般及行政開支為320萬美元，較去年同期成長23.8%。

Overall, Q1 operating loss was USD1.3 million, while net loss attributable to ordinary shareholders was USD1.5 million, 67.6% and 53.2% decreased from the same quarter last year, respectively. Q1 GAAP and non-GAAP earning per EDS were negative $0.25 and $0.2, respectively. The company's total cash, cash equivalent, and time deposits was USD29.5 million at the end of the first quarter. Advances from students were USD47.9 million at the end of the first quarter.

整體來看，第一季營業虧損為130萬美元，歸屬於普通股股東的淨虧損為150萬美元，分別較去年同期下降67.6%及53.2%。第一季 GAAP 和非 GAAP 每股盈餘分別為負 0.25 美元和 0.2 美元。第一季末，公司現金、現金等價物及定期存款總額為2,950萬美元。第一季末，學生預付款為 4,790 萬美元。

Looking forward to the second quarter of 2025, we currently expect the net gross billings to be between USD24.5 million and USD25.5 million. The above outlook is based on our current market conditions and reflects the company's current and preliminary estimates of the market and operating conditions and customer demands, which are all subject to change.

展望 2025 年第二季度，我們目前預計淨總營業收入將在 2,450 萬美元至 2,550 萬美元之間。上述展望基於我們當前的市場狀況，反映了公司對市場和營運狀況以及客戶需求的當前和初步估計，這些都可能發生變化。

This concludes our prepared remarks. We will now open the line for questions. Operator, please go ahead.

我們的準備好的演講到此結束。我們現在開放問答熱線。接線員，請繼續。

(Operator Instructions) There are no questions at this time. I would like to turn the conference back over to David for any closing remarks.

（操作員指示）目前沒有問題。我想將會議交還給 David 來做結束語。

Thank you once again for joining us today. If you have further questions, please contact 51Talk's Investor Relations through the contact information provided on our website.

再次感謝您今天加入我們。如果您還有其他問題，請透過我們網站上提供的聯絡資訊聯絡 51Talk 的投資者關係部門。

This concludes this conference call. You may now disconnect your line. Thank you and have a nice day.

本次電話會議到此結束。現在您可以斷開線路了。謝謝您，祝您有愉快的一天。