Meten EdtechX Achieves Positive Cash Flow in March 2021
May 12 2021 - 7:00AM
Meten EdtechX Education Group Ltd. (Nasdaq: METX)
(“Meten EdtechX” or the “Company”), one of the leading
omnichannel English language training (“ELT”) service providers in
China, today reported that the Company achieved positive cash flow
in March 2021.
The Company’s overall operating cash flow
reached RMB8.2 million in March 2021. Particularly, the operating
cash flow from offline learning centers was RMB15.59 million,
excluding the ABC Junior ELT business which operation was
temporarily paused due to policy restrictions. The positive
operating cash flow was mainly a result of the increasing gross
billing generated by the Company’s offline learning centers which
have resumed normal operation and recovered from the impact of the
COVID-19 outbreak.
Looking forward, the Company will implement its
cash flow optimization strategies. The Company expects to adjust
the operating structure by closing poorly performing stores or
replacing their teams, increasing the sales of services with high
profit margins through optimizing the incentive plan, reducing
expenditures of headquarters and regional branches, and improving
the efficiency of telemarketing.
About Meten EdtechX
Meten EdtechX is one of the leading ELT service
providers in China, delivering English language and skills training
for Chinese students and professionals. Through a sophisticated
digital platform and a nationwide network of learning centers, the
Company provides its services under three industry-leading brands:
Meten (adult and junior ELT services), ABC (primarily junior ELT
services) and Likeshuo (online ELT). The Company offers superior
teaching quality and student satisfaction, served by cutting edge
technology deployed across its business, including AI-driven
centralized teaching and management systems that record and analyze
learning processes in real time.
The Company is committed to improving the
overall English language competence of the Chinese population to
keep abreast of the rapid development of globalization. Its
experienced management is focused on further developing its digital
platform and expanding its network of learning centers to deliver a
continually evolving service offerings to a growing number of
students across China.
For more information, please
visit: https://investor.metenedu-edtechx.com.
Safe Harbor Statement
This announcement contains forward-looking
statements that involve risks and uncertainties. These statements
are made under the “safe harbor” provisions of the U.S. Private
Securities Litigation Reform Act of 1995. These forward-looking
statements can be identified by terminology such as “will,”
“expects,” “anticipates,” “future,” “intends,” “plans,” “believes,”
“estimates” and similar statements. Statements that are not
historical facts, including statements about the Company’s beliefs
and expectations, are forward-looking statements. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement, including but not
limited to the following: the impact of the COVID-19 outbreak, our
ability to attract students without a significant decrease in
course fees; our ability to continue to hire, train and retain
qualified teachers; our ability to maintain and enhance our brands;
our ability to effectively and efficiently manage the expansion of
our school network and successfully execute our growth strategy;
the outcome of ongoing, or any future, litigation or arbitration,
including those relating to copyright and other intellectual
property rights; competition in the English language training
sector in China; changes in our revenues and certain cost or
expense items as a percentage of our revenues; the expected growth
of the Chinese English language training and private education
market; Chinese governmental policies relating to private
educational services and providers of such services; health
epidemics and other outbreaks in China; and general economic
conditions in China. Further information regarding these and other
risks is included in our annual report on Form 20-F and other
documents filed with the Securities and Exchange Commission. The
Company does not undertake any obligation to update any
forward-looking statement, except as required under applicable law.
All information provided in this press release and in the
attachments is as of the date of this press release, and the
Company undertakes no duty to update such information, except as
required under applicable law.
For investor and media inquiries, please
contact:
Ascent Investor Relations LLCTina Xiao+1
917-609-0333tina.xiao@ascent-ir.com
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