TAL Education Group

Gentlemen, thank you for standing by and welcome to the Tao Education Group 4th Fiscal Quarter and Fiscal Year 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 will need to press star 1 on your telephone. I must advise you that this conference is being recorded today. I'll now hand the conference over to your first speaker, Ms. Echo Yen. Thank you. Please go ahead.

Thanks operator. Thank you all for joining us today for TL Education Group's 4th fiscal quarter and fiscal year 2019 earnings conference call. The earnings relief was distributed earlier today and you may find a copy on the company IR website of Suudi News Wales. During this call, you will hear from Chief Financial Officer, Mr. Rong Luo, Linda He, Vice President of Finance, and myself, IR of TL, 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 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 certain non-GAAP financial matters. 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. Rongli.

Thank you, Yachao. Good evening and good morning to you all. Thank you for joining us today on this earning call. Our first quarter revenue performance was based on heresy growth of small class business in the cities we currently cover. and the scheduling of our online courses. Net revenue growth in the first quarter was 44.1% year-over-year in U.S. dollar term to U.S. dollar $726.6 million and 52.2% in IMB terms. Student enrollment increased by 71.2% year-over-year, mostly driven by the growth in online enrollments as well as Shure's Payo small class. Gap income from operations increased by 71.5% to USD 114.7 million in the fourth quarter. Non-gap income from operations grew by 72.4% to USD 137 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 fourth quarter. Following that, Echo Yan, our IR Director, will briefly discuss the full fiscal year highlights and review first quarter financials. After that, I will update you on our BINS strategy execution and discuss our BINS outlook. Linda, please.