TAL Education Group

Ladies and gentlemen, good day and thank you for standing by. Welcome to tele-education group fourth quarter and fiscal year 2023 earnings conference call. At this time, all participants are in a listen-only mode. After speaker's presentation, there will be question and answer session. Please be informed that today's conference is being recorded. I'd now like to hand the conference over to Mr. Jackson Ding, investor relations director. Thank you. Please go ahead, sir.

Thank you, operator. Thank you all for joining us today for TAL Education Group's fourth fiscal quarter and full fiscal year 2023 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 news wires. During this call, you will hear from Mr. Alex Poon, President and Chief Financial Officer, and myself, Investor Relations Director. Following the prepared remarks, Mr. Pony and I will be available to answer your questions. Before we continue, please note that today's discussions 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 our 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 and this call include discussions of certain non-GAAP financial measures. 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 to now turn the call over to Mr. Alex Peng. Alex, please go ahead. Yes, Jackson. I appreciate you all for joining us on today's call. I'd like to take this opportunity to share with you our progress for the fourth fiscal quarter, as well as review some key results from the full fiscal year 2023. Let's start with our financial performance for the fourth fiscal quarter of 2023. We continue to improve our service offerings, develop new initiatives, and progress our strategic transformation roadmap. As a result, for the fourth fiscal quarter ending on February 28, 2023, we recorded $269 million U.S. dollars and 1.845 billion RMB in net revenues for the quarter. The net revenues increased by 11% and 16% in RMB and U.S. dollar terms. compared to the third fiscal quarter, respectively. In terms of profitability, for the fiscal quarter ended on February 28th, 2023, we recorded 18.1 million US dollars and 13.1 million US dollars in non-GAAP loss from operations and non-GAAP net loss attributable to TAL, respectively. For the full fiscal year of 2023, we recorded net revenues of more than $1 billion and generated positive non-GAAP operating profits. Fiscal year 2023 was a year of transformation for TAO. This was the first full fiscal year of our operations following the cessation of offering academic subjects to students from kindergarten through grade nine in the mainland of China. In fiscal year 2023, some of our newer initiatives, such as enrichment learning, smart books, and smart devices exhibited material development. While we are encouraged by these developments, we continue to upgrade our product offerings and improve our operational efficiency. We believe the combination of these efforts by our team and all of our partners laid a solid foundation for our long-term sustainable development. As the industry evolves and technology advances, we'll endeavor to explore and seize new opportunities. At the same time, we would like to take this opportunity to express our gratitude to all of you for your continuous support during our transformation journey. As the whole industry undergoes technological evolution, we look forward to Charles' next stage of development. With that overview, I would like to hand the call over to Jackson, who will give you an update on the operational development of our core business line and review our core personal order and fiscal year's financial results. After that, I'll give an update on our go forward strategy and plans for fiscal year 2024.

We'll then open the call for questions. So Jackson, please go ahead. Thank you, Alex.