TAL Education Group

Ladies and gentlemen, good day and thank you for standing by. Welcome to TEL Education Group's third quarter of fiscal year 2020 for earnings conference call. At this time, all participants are in listen-only mode after the speaker's presentation to 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, industry relations director. Thank you. Please go ahead, sir.

Thank you. And thank you all for joining us today for TAO Education Group's third 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 newsletters. During this call, you will hear from Mr. Alex Peng, 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 discussion 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 Poe. 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 our financial performance and business progress in the third quarter of the fiscal year 2024. After that, I will share our thoughts for the next quarter's outlook. Throughout this fiscal quarter, we continue to manage our core businesses while concurrently exploring additional opportunities for development. We've witnessed Learning Services continuing on its development trajectory, enabling learners' growth and development with our enrichment learning programs, both online and offline. The advancement of Learning Services is underpinned by our execution on the quality of our service offerings and the capacity of our Learning Center network. As for content solutions, we remain focused on the creation, curation, and dissemination of quality content tailored to the unique learning pathways of our diverse user base. In an effort to empower learners with the solutions they need to excel, ensuring that individual's journey is met with resources that resonate with and elevate their learning experience. We continue to execute on our product offerings as well as go-to-market capabilities for content solutions in this quarter. We've been making programmatic advancements in our technological capabilities, laying a strategic foundation for future innovations. We recognize the transformative potential of this new wave of technology for our business operations and will harness this power to serve our customers. In terms of our financial performance, we recorded net revenues of $373.5 million U.S. dollars, or 2.7 billion RMB for the quarter, representing an increase of 60.5% and 63.7% year-on-year in U.S. dollar and RMB terms respectively. With respect to profitability, our non-GAAP loss from operations and non-GAAP net loss attributable to TAL for the quarter or 10.2 million U.S. dollars and 1.9 million U.S. dollars respectively. So with that overview, I'd like to hand the call over back to Jackson who will give you an update on our core business lines operational development and review our fiscal third 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. Thank you, Alex.