TAL Education Group

Ladies and gentlemen, thank you for standing by and welcome to the Q3 full year 2020 TAL Education Group 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. To ask a question during the session, you will need to press star 1 on your telephone. Please be advised that today's conference has been recorded. I would now like to hand the conference over to the speaker today. Ms. Ekoyan, IR Director of TAL. Thank you. Please go ahead, ma'am.

Thanks, operator. Thank you all for joining us today for TAL Education Group's third 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 news wires. During this call, you will hear from Mr. Rong Luo, Chief Financial Officer Linda He, Vice President of Finance, and myself, IR of TAL. 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 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. Rong Luo. Rong, please.

Thank you, Echo. Good evening and good morning to you all. Thank you for joining us today on this earnings call. Our so-called revenue performance was based on a solid growth momentum of both our overall small-class business in the cities we currently cover and the continuous scaling of our online courses. Net revenue growth in the third quarter was 47.2% year-over-year in the U.S. dollar terms, to U.S. dollar $862.4 million, and 50.7% in IRB terms. Total normal price long-term courses student enrollments increased by 66% year-over-year, mostly driven by online enrollments as well as Charles Pell's small class. GAAP income from operations grew by 9.9% to US$78 million. In the third quarter, non-GAAP income from operations increased by 16.4% to US$108.2 million. This quarter's results reflect the progress in our efforts to build a healthy and sustainable beans model based on our product development, technology, customer satisfaction, and operational efficiencies. I will now turn the call over to Linda He, our Vice President of Finance. She will give you an update in our operational progress in the third quarter. Next, Echo Yang, our AI Director, will reveal the third quarter financials. After that, I will update you on our key strategy execution and discuss our business outlook. Linda, please.