TAL Education Group

Ladies and gentlemen, thank you for standing by and welcome to the TAL Education Group Second Fiscal Quarter of 2020 Earnings Conference Call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question-and-answer session. And to ask a question during the session, you will need to press star 1 on your telephone. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker for today, Ms. Echo Fan. Thank you. Please go ahead, ma'am.

Thanks, operator. Thank you all for joining us today for TAL Education Group's second fiscal quarter 2020 earnings conference call. The earnings release was distributed earlier today, and you may find a copy on the company IR website or through the newswares. During this call, you will hear from Chief Financial Officer, Mr. Rong Luo, Linda He, Vice President of Finance, and myself, IR of PAL. 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 US 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 and Zhang Yicheng. Thank you, Yachao.

Good evening and good morning to you all. Thank you for joining us today on this earning call. Our second quarter revenue performance was based on the robust and healthy growth of our overall small class business in the cities we currently cover. and the continuous scheduling of our online courses. Net revenue growth in the second quarter was 33.8% year-over-year in U.S. dollar terms to U.S. dollar $936.6 million and 38.7% in IMB terms. Total normal price long-term cost student enrollment increased by 54.5% year-over-year, most driven by both the growth in online enrollments as well as the short pay or small class. GAAP income from operations decreased by 13.5% to US$69.9 million in the second quarter.