New Oriental Education & Technology Group Inc. (NYSE:EDU) Q2 2023 Earnings Call Transcript

Unidentified Analyst: Just one more follow-up question. Do we have any color on the retention rate for each segment?

Stephen Yang: At retention rates is related to the traditional — the K-12 business. But we closed on the Kite this is the last year. And — but for new businesses like meal courses, we just follow up — we just treated the retention rate. The good news for us is we are seeing the retention rate is getting higher and higher. And for example, for — as for the academic courses, the retention rate now is between 65% to 70%. We just started the new business as the retention rate now is better than we expected. And we believe the retention rate will get higher going forward. And overseas test prep and the university students business.

Unidentified Analyst: One-off — yes, that’s one.

Stephen Yang: Roughly, it’s one-off.

Unidentified Analyst: Understood. It’s very clear.

Operator: Thank you. We are now approaching the end of the conference call. I will now turn the call over to New Oriental’s Executive President and CFO, Stephen Yang, for his closing remarks.

Stephen Yang: Again, thank you for joining us today. If you have any further questions, please do not hesitate to contact me or any of our Investor Relations representatives.