ATA Creativity (US:AACG)2022-05-14 23:10Financial Data and Key Metrics Changes - Total net revenue for Q1 2022 increased by 12.1% to RMB 42.1 million from RMB 37.6 million in Q1 2021 [15] - Gross margin improved to 45.7% in Q1 2022, up from 39.6% in the prior year period [15] - Net loss attributable to the company improved to RMB 15.9 million in Q1 2022 compared to RMB 19 million in Q1 2021 [16] Business Line Data and Key Metrics Changes - Enrollment in the core portfolio training program increased to 537 students in Q1 2022 from 528 students in the prior year [13] - Credit hours delivered for portfolio training programs remained stable at 27,494 hours, with a shift towards project-based programs increasing by 23% while real-time programs decreased by 19% [14] Market Data and Key Metrics Changes - The company faced challenges due to pandemic-related lockdowns in key cities like Shanghai, Shenzhen, and Suzhou, impacting in-person instruction [17] - The shift to online delivery methods was implemented to provide flexibility and support to students during lockdowns [12][17] Company Strategy and Development Direction - The company aims to continue investing in its business and partnerships within the industry to support future growth [19] - ACG is focused on enhancing its portfolio of program offerings as travel restrictions ease, particularly in research-based learning and overseas counseling services [19][24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about overcoming short-term challenges posed by the pandemic and highlighted the determination of students to continue their studies [17][18] - The company is exploring financing, investing, and M&A opportunities to enable long-term growth while maintaining its competitive advantages in the creative arts education market [24] Other Important Information - The company appointed Ruobai Sima as the new CFO, succeeding Amy Tung, who will remain in an advisory capacity [10][11] - ACG has developed additional short-term programs, both online and in-person, to cater to diverse student needs [22] Q&A Session Summary - No specific questions or answers were documented in the provided content, as the operator concluded the call without opening for questions [25][26]