TAL Education Group

Ladies and gentlemen, thank you for standing by and welcome to First Quarter FY 2021 TAL Education Group earnings conference call. At this time, all participants are in a listen-only mode. After the management's prepared remarks, there will be a Q&A session. Today's conference call is being recorded. I would now like to turn the call over to your first speaker today, Ms. Echo Yan, IR Director of TAL. Thank you, please go ahead.

Thanks, operator. Thank you all for joining us today for TAL Education Group's first physical quarter 2021 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 Hu, Vice President of Finance, and myself, IR of TAL. Following the prepared remarks, Mr. Luo and Ms. Hu 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 incentives 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 the certain non-GAAP financial matters. Please refer to our earnings release. which contains the reconciliation of the non-GAAP matters to the most directly comparable GAAP matters. I would like now to turn the call over to Mr. Rongfei.

Thank you, Yachao. Good evening and good morning to you all. Thank you for joining us today on this earning call. Compared to the situations 140 years ago, we have been encouraged by the progress that the government and people in China have classically made to key the COVID-19 under control. We are still saddened by the strength that this pandemic has put on public and personal lives and ongoing challenges in many other countries. At TAL, during the first fiscal quarter, we continue to operate within the possibility and the restrictions as the overall situation evolves. With operational adjustments in place since February, We managed to mitigate the negative impact on our offline business of the first quarter by the growth in student enrollments in online courses and related revenues. Net revenue growth in the first quarter was 35.2% year-over-year in U.S. dollar terms to U.S. dollar $910.7 million and 41.5% in RMB terms. Total Normal Price Long-Term Course Student Enrollments increased by 72.1% year-over-year, mostly driven by the online enrollments, as well as trust, pay or smooth class. Gap income from operations was US$35.5 million, a year-on-year decrease of 26.8% from US$48.5 million. Non-gap operating income of US$68.8 million decreased by 7.8% from US$74.6 million in the same year ago period. 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 first quarter. Next, Echo Yan, our IR Director, will reveal first quarter financials. After that, I will update you on our business strategy and discuss our business outlook for next quarter. Linda, please.