TAL Education Group

Good day and thank you for standing by. Welcome to TAL Education Group fourth fiscal quarter and fiscal year 2021 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To answer questions during the session, you will need to press star 1 on your telephone. Please be advised that today's conference is being recorded. I'd now like to hand the conference over to Ms. Echo Yan, IR Director of the TAL Education Group. Thank you. Please go ahead, ma'am.

Thanks, Operator. Thank you all for joining us today for TAL Education Group's Fourth Physical Quarter and the Physical Year 2021 Earnings Conference Call. The earnings released 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 Mr. Rong Luo, Chief Financial Officer, 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 U.S. Private Security Certification 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 uncertainty 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 drastically comparable GAAP measures. I would like now to turn the call over to Mr. Rong Bo. Rong, please.

Thank you, Echo. Good evening and good morning to you all. Thank you for joining us today on this earning call. In the recent couple of months, China's public health situation and economy show further progress. Internationally, the concerted efforts and vaccination programs are hope signs that the worst of the pandemic could be behind us all. Meanwhile, at Yale, our tutoring business, both online and offline, are thrilled at our capacity expansion in all cities, developed as planned for the first quarter of fiscal year 2021. Let me give you a quick overview of the key metrics. Net revenue growth in the fourth quarter was up by 58.9% year-over-year in U.S. dollar terms to U.S. dollar $1,362.7 million and 47.7% in IRB terms. Total normal price long-term courses student enrollments increased by 44% year-over-year, mostly driven by online. as well as Shere's Pale Smoke Class enrollment Gap loss from operations was USD 297.2 million compared to USD 41.3 million in the first quarter last fiscal year Non-gap operating loss was USD 216.9 million compared to USD 8.4 million in the same year ago period In the full year of fiscal 2021 Net revenue growth was 37.3% in USD terms, which is 34.1% in IMB terms. 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. Next, Echo Yang, our IR Director, will reveal the fourth quarter and the fiscal year financials. After that, I will update you on our BIMS strategy and discuss our BIMS outlook. Linda, please.