TAL Education Group

Ladies and gentlemen, thank you for standing by and welcome to the TAL Education Group Third Fiscal Quarter 2019 Earnings Conference Call. At this time, all participants are in a listen-only mode. There will be a presentation followed by a question and answer session, at which time if you wish to ask a question, you'll need to press star one on your telephone. I must advise you that this conference is being recorded today, January 24, 2019. I would now like to hand the conference over to your first speaker today, Ms. Echo Yan. Thank you. Please go ahead.

Thanks, operator. Thank you all for joining us today for TAL Education Group's third fiscal quarter 2019 earnings conference call. The earnings release was distributed earlier today, and you may find a copy on the company IR website or through the news wires. During this call, you will hear from Chief Financial Officer Mr. Rong Luo and Linda He, Vice President of Finance. Following the prepared remarks, Mr. Luo and Ms. He will be available to answer your questions. Before we continue, please note that the discussions today will contain forward-looking statements made under the Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations. Potential risks and uncertainties include but are not limited to those outlined in the public findings with the SEC. For more information about these risks and uncertainties, please refer to our findings with the SEC. Also, our earnings release in this call includes discussions of Please refer to our earnings release which contains a reconciliation of the non-GAAP measures to the most directly comparable GAAP measures. I would like now to turn the call over to Mr. Rong Luo.

Thank you, Yachao. Good evening and good morning to you all. Thank you for joining us today on this earning call. Our third quarter revenue performance was based on heresy growth of small-cast business in the cities we currently cover and the scaling of our online courses. Revenue growth in the third quarter was 35.3% year-over-year in dollar terms to US$586 million and 41.4% in RMB terms. Student enrollments increased by 68.4% year-over-year, mostly driven by the growth in the online enrollments, as well as throughout PAYO small class. Gap income from operations increased by 59.2% to US$71 million in the third quarter. Non-gap income from operations grew by 63.5% to US$92.9 million. I will now turn the call over to Linda He, our Vice President of Finance, She will give you an update on our operational progress in the third quarter. After that, I will update you on the BIN's strategy execution and discuss our BIN's outlook. Linda, please.