TAL Education Group

Ladies and gentlemen, good day and thank you for standing by. Welcome to the TAL Education Group first quarter of fiscal year 2024 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. Please be informed that today's conference is being recorded. I would now like to hand the conference call 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 talent education groups first quarter fiscal year 2024 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 pong President and Chief Financial Officer, and myself, Investor Relations Director. Following the prepared remarks, Mr. Peng 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 turn the call over to Mr. Alex Poon. Alex, please go ahead.

Thank you, Jackson. I'd also like to thank all of you for participating in today's conference call. During this call, we'll review the financial performance and business progress of the first quarter of the Cisco year 2024. After that, I will share some thoughts on the outlook for the next quarter. So first, in this quarter, amidst ongoing effort to fine tune our core offerings and optimize our operations, such as enrichment learning, we also achieved progress in some of our newer initiatives. Taking the example of XPAD, our smart device, which we launched to the market at the end of last quarter, that has really demonstrated satisfactory sales performance and has received positive customer feedback over the past few months. Furthermore, we've been making progress in our artificial intelligence strategy and are working towards a rollout of AI products in the future. In terms of financial performance, we recorded net revenues of 275.4 million US dollars and 1,906.7 million RMB for the quarter. which is an increase of 22.9% and 31.1% year-on-year in U.S. dollar and RMB terms, respectively. In terms of profitability, our non-GAAP loss from operations and non-GAAP net loss attributable to TAL for the quarter were $32.3 million, US dollars and 19.5 million US dollars respectively. So with that overview, I'd like to hand the call over to Jackson. He'll give you an update on our core business lines, operational developments, and review our first quarter financial results. After that, I'll return to share more details regarding our outlook for the next quarter. and then open the call for questions. Jackson, please go ahead.