TAL Education Group

Ladies and gentlemen, thank you for standing by. Welcome to the second quarter fiscal year 2021 TAL Education Group Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker 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 is being recorded. I would now like to hand 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 second physical quarter 2021 earnings conference call. The earnings release was distributed earlier today, and you may find a copy on the company's 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 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 filings 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. Rongfei.

Thank you, Yachao. Good evening and good morning to you all. Thank you for joining us today on this earning call. We continue to see a positive recovery in China's public health situation and economy in the second fiscal quarter. In the education sector, schools were able to reopen and start the school year on September 1st, following the gradual resumption of the offline teaching and tutoring during the summer months. At TAL, during the second fiscal quarter, We continue to execute on our online and offline strategy, which remains on track. More and more of our offline learning centers could reopen, and currently all of our learning centers in China are back in business at certain level. The second fiscal quarter financial results reflect the extended impact of the earlier COVID-19 outbreak. Net revenue growth in the second quarter was 20.8% year-over-year in the U.S. dollar terms to U.S. dollar $1,103.3 million and 21.6% in RMB terms. Total normal price long-term courses student enrollments increased by 65% year-over-year, mostly driven by online enrollments as well as trust-pays more class. GAAP loss from operations was US$49.1 million, compared to income from operations of US$60.8 million in the second quarter last fiscal year. Non-GAAP GAAP loss from operations was US$11.8 million, compared to non-GAAP income from operations of US$89.7 million in the same period of the prior years. 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 second fiscal quarter. Next, Echo Yang, our IELTS Director, will reveal the second quarter financials. After that, I will update you on our BINS outlook and on our BINS strategy and discuss our BINS outlook. Linda, please.